New Jersey-based snackfoods group J & J Snack Foods Corp. has posted sales for the third quarter of US$140.1m, up 8% from the same period last year.
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Net earnings increased by 9% to $10.8m, while earnings per diluted share were up from $0.53 to $0.57. Operating income for the quarter rose by 8% to $16.7m.
“We had another solid performance for the quarter with all of our major business segments contributing,” said president and CEO Gerald B Shreiber. “Continued strong performances from our core snack food and frozen beverage businesses helped achieve record profitability.”
For the nine-month period, sales increased by 10% to $360.7m, while net earnings rose by 11% to $17.9m. Earnings per diluted share reached $0.95 for the nine months, against $0.87 in the corresponding period last year. Operating income for the nine months rose by 8% to $26.9m.
The company said share-based compensation expenses and an impairment charge for the writedown of robotic packaging equipment had impacted on operating profit and net earnings for both the quarter and for the nine-month period. Excluding these items, operating income rose by 18% for the quarter and by 17% for the nine months, while net earnings increased by 19% and 20% for the quarter and nine-month period respectively.
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By GlobalData
