JBSS Q4 EPS Plunges 38% on Recall Costs, But Full-Year Sales Hit Record $1.18B
JBSS sits 38% above its 52-week low of $59.07.
Summary
Q4 diluted EPS fell 38.3% to $0.71, missing last year's $1.15, as gross profit dropped 9.5% to $44.1 million. The quarter was hit by $2.7 million in recall-related costs from contaminated dry milk powder, higher customer claims, and manufacturing inefficiencies from onboarding a large contract manufacturing customer. Full-year results were stronger: net sales rose 6.2% to a record $1.18 billion and diluted EPS increased 4.6% to $5.26. Sales volume returned to growth in Q4 after five straight quarterly declines, up 1.4%. The company also confirmed the CEO transition announced last month—Jeffrey Sanfilippo steps down in October with Jasper Sanfilippo taking over. Conference call is tomorrow at 10:00 a.m. Eastern.
At the time of this announcement, JBSS was trading at $81.30 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $950.4M. The 52-week trading range was $59.07 to $92.08. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: BusinessWire.