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J&J Snack Foods (JJSF) Beats Earnings & Revenues in Q1
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J&J Snack Foods Corp. (JJSF - Free Report) , a leading snack food provider, reported first quarter of fiscal 2017 earnings of 72 cents per share, surpassing the Zacks Consensus Estimate of 64 cents by 12.5%. The reported figure also climbed 4.3% year over year on the impressive performance of the food service business led by strong sales of Soft pretzels.
Net sales in the quarter came in at $225.6 million, beating the Zacks Consensus Estimate of $226 million by 0.1%. Sales also improved 1.2% year over year.
Gross margin improved to 29.2% in quarter from 28.6% a year ago. The growth resulted from increased sales of products other than bakery in its food service business accompanied with lower ingredient costs and improved operating efficiencies.
The company’s total operating expenses increased 2.4% year over year to $46.6 million led by higher marketing and administrative expenses.
Operating income was $19.3 million, an increase of 5% from $18.4 million a year ago.
Segment Details
Total Food Service reported sales of $150.3 million, compared with $146.8 million a year ago. Higher sales form Soft pretzels, Churros and Handhelds were partly offset by lower contribution from frozen juices and ices and Bakery.
Total Retail Supermarket reported net sales of $21.6 million versus $21.3 million a year ago. Higher sales from Soft pretzels and frozen juices and ices were partly offset by Handhelds’ lower sales.
The company’s Total Frozen Beverages division posted $53.7 million in net sales, down from $54.8 million a year ago due to lower machine sales.
Financials
J&J Snack Foods’ cash and cash equivalents were $141 million as of Dec 24, 2016, slightly up from $140.7 million as on Sep 24, 2016.
Long-term obligations under capital leases were $$1.151 million at the end of the quarter, down from $1.235 million as of Sep 24, 2016.
Net cash provided by operating activities was $26.4 million in the first quarter versus $20.9 million a year ago.
The Kraft Heinz Company (KHC - Free Report) is expected to release fourth-quarter 2016 results on Feb 23. The Zacks Consensus Estimate for the quarter’s earnings is 87 cents per share.
Mondelez International, Inc. (MDLZ - Free Report) will release fourth-quarter 2016 earnings on Feb 7. The Zacks Consensus Estimate for the quarter’s earnings is pegged at 49 cents per share.
B&G Foods, Inc. (BGS - Free Report) will likely release fourth-quarter 2016 earnings on Feb 23. The Zacks Consensus Estimate for the quarter’s earnings stands at 40 cents per share.
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J&J Snack Foods (JJSF) Beats Earnings & Revenues in Q1
J&J Snack Foods Corp. (JJSF - Free Report) , a leading snack food provider, reported first quarter of fiscal 2017 earnings of 72 cents per share, surpassing the Zacks Consensus Estimate of 64 cents by 12.5%. The reported figure also climbed 4.3% year over year on the impressive performance of the food service business led by strong sales of Soft pretzels.
Net sales in the quarter came in at $225.6 million, beating the Zacks Consensus Estimate of $226 million by 0.1%. Sales also improved 1.2% year over year.
Operating Highlights
Gross margin improved to 29.2% in quarter from 28.6% a year ago. The growth resulted from increased sales of products other than bakery in its food service business accompanied with lower ingredient costs and improved operating efficiencies.
The company’s total operating expenses increased 2.4% year over year to $46.6 million led by higher marketing and administrative expenses.
Operating income was $19.3 million, an increase of 5% from $18.4 million a year ago.
Segment Details
Total Food Service reported sales of $150.3 million, compared with $146.8 million a year ago. Higher sales form Soft pretzels, Churros and Handhelds were partly offset by lower contribution from frozen juices and ices and Bakery.
Total Retail Supermarket reported net sales of $21.6 million versus $21.3 million a year ago. Higher sales from Soft pretzels and frozen juices and ices were partly offset by Handhelds’ lower sales.
The company’s Total Frozen Beverages division posted $53.7 million in net sales, down from $54.8 million a year ago due to lower machine sales.
Financials
J&J Snack Foods’ cash and cash equivalents were $141 million as of Dec 24, 2016, slightly up from $140.7 million as on Sep 24, 2016.
Long-term obligations under capital leases were $$1.151 million at the end of the quarter, down from $1.235 million as of Sep 24, 2016.
Net cash provided by operating activities was $26.4 million in the first quarter versus $20.9 million a year ago.
J&J currently holds a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
J & J Snack Foods Corp. Price, Consensus and EPS Surprise
J & J Snack Foods Corp. Price, Consensus and EPS Surprise | J & J Snack Foods Corp. Quote
Upcoming Peer Releases
The Kraft Heinz Company (KHC - Free Report) is expected to release fourth-quarter 2016 results on Feb 23. The Zacks Consensus Estimate for the quarter’s earnings is 87 cents per share.
Mondelez International, Inc. (MDLZ - Free Report) will release fourth-quarter 2016 earnings on Feb 7. The Zacks Consensus Estimate for the quarter’s earnings is pegged at 49 cents per share.
B&G Foods, Inc. (BGS - Free Report) will likely release fourth-quarter 2016 earnings on Feb 23. The Zacks Consensus Estimate for the quarter’s earnings stands at 40 cents per share.
Zacks' Top Investment Ideas for Long-Term Profit
How would you like to see our best recommendations to help you find today’s most promising long-term stocks? Starting now, you can look inside our portfolios featuring stocks under $10, income stocks, value investments and more. These picks, which have double and triple-digit profit potential, are rarely available to the public. But you can see them now. Click here >>