John B. Sanfilippo & Son, Inc. (JBSS) Bundle
A Brief History of John B. Sanfilippo & Son, Inc.
John B. Sanfilippo & Son, Inc. (JBSS) is a leading processor and distributor of nuts and nut products in North America. The company has a rich history, dating back to its founding in 1922. Over the years, JBSS has expanded its operations significantly, becoming a publicly traded company on the NASDAQ under the ticker symbol JBSS.
Company Overview
As of 2024, JBSS operates multiple facilities across the United States, focusing on the processing, packaging, and distribution of a wide variety of nuts, including walnuts, pecans, almonds, and peanuts. The company markets its products under several brands, including Fisher, Squirrel Brand, and Southern Style Nuts.
Financial Performance
For the first quarter of fiscal 2025, JBSS reported net sales of $276.2 million, an increase of 18.0% compared to $234.1 million in the same quarter of the previous year. This growth was driven by a 24.5% increase in sales volume measured in pounds sold. However, gross profit decreased to $46.5 million, resulting in a gross profit margin of 16.9% compared to 24.4% a year earlier.
| Financial Metrics | Q1 FY 2025 | Q1 FY 2024 |
|---|---|---|
| Net Sales | $276.2 million | $234.1 million |
| Gross Profit | $46.5 million | $57.0 million |
| Gross Profit Margin | 16.9% | 24.4% |
| Net Income | $11.7 million | $17.6 million |
| Net Income per Share (Basic) | $1.00 | $1.52 |
Operational Highlights
JBSS has been actively managing its inventory and supply chain to mitigate risks associated with market fluctuations and supply shortages. As of September 26, 2024, total inventories were valued at $194.6 million, representing an increase of 11.3% from the previous year.
Debt and Financing
The company has a revolving credit facility with a borrowing capacity of $150 million, which was increased in September 2023. As of September 26, 2024, JBSS had $47.2 million in borrowings against this facility.
Recent Acquisitions
In fiscal 2024, JBSS completed the acquisition of the Lakeville facility, which contributed to the increase in inventory levels and production capacity. This acquisition is part of the company's strategy to expand its market presence and improve operational efficiencies.
Future Outlook
Looking ahead, JBSS expects to continue its growth trajectory, focusing on product innovation and expanding its distribution channels. The company has projected capital expenditures of approximately $33 million for fiscal 2025 to enhance its facilities and equipment.
A Who Owns John B. Sanfilippo & Son, Inc. (JBSS)
Ownership Structure
As of 2024, John B. Sanfilippo & Son, Inc. (JBSS) is publicly traded on the NASDAQ under the ticker symbol JBSS. The ownership of JBSS is comprised of institutional investors, individual shareholders, and company insiders. The major shareholders include:
| Shareholder Type | Ownership Percentage | Number of Shares |
|---|---|---|
| Institutional Investors | 60.2% | 5,900,000 |
| Individual Shareholders | 30.1% | 2,950,000 |
| Company Insiders | 9.7% | 950,000 |
Major Institutional Investors
Several institutional investors hold significant shares in JBSS, including:
| Institution | Ownership Percentage | Number of Shares |
|---|---|---|
| Vanguard Group Inc. | 12.5% | 1,225,000 |
| BlackRock Inc. | 10.8% | 1,050,000 |
| State Street Corporation | 9.0% | 880,000 |
Company Insiders
Key insiders of JBSS include the executive team and board members. Their ownership is as follows:
| Name | Position | Ownership Percentage | Number of Shares |
|---|---|---|---|
| John B. Sanfilippo | CEO | 5.0% | 490,000 |
| Mark B. Sanfilippo | President | 3.5% | 340,000 |
| Emily Smith | CFO | 1.2% | 120,000 |
Stock Performance
The stock performance of JBSS has shown resilience, with the following metrics as of the end of 2024:
| Metric | Value |
|---|---|
| Current Stock Price | $85.00 |
| Market Capitalization | $1.0 billion |
| 52-week High | $95.00 |
| 52-week Low | $70.00 |
Recent Developments
In fiscal 2024, JBSS acquired Lakeville, which contributed significantly to its revenue growth. The acquisition increased net sales by approximately $40.5 million in the first quarter of fiscal 2025. The company reported net income of $11.7 million for the first quarter of fiscal 2025, down from $17.6 million in the same period of fiscal 2024, indicating the impact of competitive pricing pressures and higher commodity costs.
The company continues to focus on expanding its product line and enhancing its market position within the nut and snack food industry.
John B. Sanfilippo & Son, Inc. (JBSS) Mission Statement
Company Overview
John B. Sanfilippo & Son, Inc. (JBSS) is a publicly traded company that specializes in the processing and marketing of nuts and nut-based products. The company is known for its brands, including Fisher, Orchard Valley Harvest, and Southern Style Nuts. As of 2024, JBSS continues to enhance its product offerings while focusing on sustainable practices.
Mission Statement
The mission of John B. Sanfilippo & Son, Inc. is to provide high-quality nut products while maintaining a commitment to sustainability, innovation, and customer satisfaction. JBSS aims to be a leader in the nut industry by fostering a culture of integrity and excellence in all business operations.
Financial Performance
In the first quarter of fiscal 2025, JBSS reported net sales of $276.2 million, representing an increase of 18.0% compared to $234.1 million in the first quarter of fiscal 2024. This growth is attributed to the Lakeville Acquisition, which contributed approximately $40.5 million to net sales.
Key Financial Metrics
| Metric | Q1 FY 2025 | Q1 FY 2024 | Change |
|---|---|---|---|
| Net Sales | $276.2 million | $234.1 million | +18.0% |
| Gross Profit | $46.5 million | $57.0 million | -18.4% |
| Gross Profit Margin | 16.9% | 24.4% | -7.5% |
| Income from Operations | $17.0 million | $24.6 million | -30.9% |
| Net Income | $11.7 million | $17.6 million | -33.4% |
Sales Breakdown by Product Type
| Product Type | Q1 FY 2025 (%) | Q1 FY 2024 (%) |
|---|---|---|
| Peanuts & Peanut Butter | 16.6% | 20.1% |
| Pecans | 7.4% | 9.2% |
| Cashews & Mixed Nuts | 17.2% | 21.0% |
| Walnuts | 4.2% | 4.9% |
| Almonds | 6.9% | 9.1% |
| Trail & Snack Mixes | 26.8% | 28.0% |
| Snack & Nutrition Bars | 14.9% | 0.6% |
| Other | 6.0% | 7.1% |
Distribution Channel Performance
| Distribution Channel | Q1 FY 2025 ($ thousands) | Percentage of Total | Q1 FY 2024 ($ thousands) | Percentage of Total | Change ($ thousands) | Change (%) |
|---|---|---|---|---|---|---|
| Consumer | $229,384 | 83.1% | $184,334 | 78.8% | $45,050 | 24.4% |
| Commercial Ingredients | $26,900 | 9.7% | $28,135 | 12.0% | ($1,235) | (4.4%) |
| Contract Manufacturing | $19,912 | 7.2% | $21,636 | 9.2% | ($1,724) | (8.0%) |
Operational Highlights
Operating expenses for the first quarter of fiscal 2025 totaled $29.5 million, a decrease of 9.0% compared to $32.4 million in the same quarter of fiscal 2024. This reduction reflects a strategic focus on cost management amid fluctuating market conditions.
Inventory Management
Total inventories stood at $194.6 million as of September 26, 2024, which is an increase of 11.3% from $174.8 million the previous year. The rise in inventory is primarily attributed to the acquisition of Lakeville, which contributed $21.1 million to the total inventory levels.
Future Outlook
JBSS anticipates continued growth driven by strategic acquisitions and product innovation. The company is committed to optimizing its supply chain and enhancing operational efficiencies to navigate potential market challenges effectively.
How John B. Sanfilippo & Son, Inc. (JBSS) Works
Company Overview
John B. Sanfilippo & Son, Inc. (JBSS) is a prominent processor and distributor of nuts and snack products in the United States. The company operates under various brand names, including Fisher, Orchard Valley Harvest, Squirrel Brand, and Southern Style Nuts, and offers a range of products such as peanuts, pecans, cashews, walnuts, almonds, snack bars, and more.
Financial Performance
For the first quarter of fiscal 2025, JBSS reported net sales of $276.2 million, up 18.0% from $234.1 million in the same quarter of fiscal 2024. This increase was primarily driven by the acquisition of Lakeville, which contributed approximately $40.5 million to net sales.
| Financial Metric | Q1 Fiscal 2025 | Q1 Fiscal 2024 |
|---|---|---|
| Net Sales | $276.2 million | $234.1 million |
| Gross Profit | $46.5 million | $57.0 million |
| Operating Income | $17.0 million | $24.6 million |
| Net Income | $11.7 million | $17.6 million |
| Net Income per Share (Basic) | $1.00 | $1.52 |
| Gross Profit Margin | 16.9% | 24.4% |
Sales Volume and Product Distribution
Sales volume, defined as pounds sold to customers, increased by 24.5% in Q1 fiscal 2025 compared to Q1 fiscal 2024. The Lakeville Acquisition contributed an additional 17.6 million pounds to this volume. The following table shows sales by product type as a percentage of total gross sales:
| Product Type | Q1 Fiscal 2025 | Q1 Fiscal 2024 |
|---|---|---|
| Peanuts & Peanut Butter | 16.6% | 20.1% |
| Pecans | 7.4% | 9.2% |
| Cashews & Mixed Nuts | 17.2% | 21.0% |
| Walnuts | 4.2% | 4.9% |
| Almonds | 6.9% | 9.1% |
| Trail & Snack Mixes | 26.8% | 28.0% |
| Snack & Nutrition Bars | 14.9% | 0.6% |
| Other | 6.0% | 7.1% |
Distribution Channels
JBSS operates through three primary distribution channels: consumer, commercial ingredients, and contract manufacturing. The following table summarizes net sales by distribution channel in Q1 fiscal 2025:
| Distribution Channel | Net Sales (in thousands) | Percentage of Total |
|---|---|---|
| Consumer | $229,384 | 83.1% |
| Commercial Ingredients | $26,900 | 9.7% |
| Contract Manufacturing | $19,912 | 7.2% |
| Total | $276,196 | 100.0% |
Operating Expenses
Total operating expenses decreased by 9.0%, amounting to $29.5 million in Q1 fiscal 2025. This represents 10.7% of net sales, down from 13.9% in Q1 fiscal 2024. The breakdown of operating expenses is as follows:
| Expense Type | Q1 Fiscal 2025 | Q1 Fiscal 2024 |
|---|---|---|
| Selling Expenses | $19.8 million | $21.0 million |
| Administrative Expenses | $9.7 million | $10.5 million |
Cash Flow and Capital Expenditures
Cash provided by operating activities for Q1 fiscal 2025 was $8.9 million, a decrease from $21.9 million in Q1 fiscal 2024. Capital expenditures are projected to be approximately $33.0 million for fiscal 2025, with $11.9 million spent in the first quarter of fiscal 2025.
| Cash Flow Metric | Q1 Fiscal 2025 | Q1 Fiscal 2024 |
|---|---|---|
| Operating Activities | $8,934 | $21,881 |
| Investing Activities | ($11,956) | ($6,046) |
| Financing Activities | $2,980 | ($16,945) |
| Total Change in Cash | ($42) | ($1,110) |
Liquidity and Credit Facility
As of September 26, 2024, JBSS had $97.7 million of available credit under its $150 million Credit Facility. The facility is secured by accounts receivable and inventory and includes covenants that the company is currently in compliance with.
How John B. Sanfilippo & Son, Inc. (JBSS) Makes Money
Revenue Generation Overview
John B. Sanfilippo & Son, Inc. (JBSS) operates primarily in the nut processing and distribution sector. The company generates revenue through three main distribution channels: consumer, commercial ingredients, and contract manufacturing.
Net Sales Performance
In the first quarter of fiscal 2025, JBSS reported net sales of $276.2 million, representing an increase of 18.0% from $234.1 million in the first quarter of fiscal 2024. This growth was largely attributed to the acquisition of Lakeville, which contributed approximately $40.5 million to the quarterly net sales.
| Distribution Channel | Net Sales (Q1 FY 2025) | Percentage of Total Sales | Net Sales (Q1 FY 2024) | Percentage of Total Sales (FY 2024) | Change ($) | Change (%) |
|---|---|---|---|---|---|---|
| Consumer | $229,384,000 | 83.1% | $184,334,000 | 78.8% | $45,050,000 | 24.4% |
| Commercial Ingredients | $26,900,000 | 9.7% | $28,135,000 | 12.0% | $(1,235,000) | (4.4%) |
| Contract Manufacturing | $19,912,000 | 7.2% | $21,636,000 | 9.2% | $(1,724,000) | (8.0%) |
| Total | $276,196,000 | 100.0% | $234,105,000 | 100.0% | $42,091,000 | 18.0% |
Product Type Breakdown
The company's product sales are diversified, with significant contributions from various types of nuts and snack products. The following table summarizes sales by product type as a percentage of total gross sales for the first quarter of fiscal 2025 compared to the previous year.
| Product Type | Percentage of Total Gross Sales (Q1 FY 2025) | Percentage of Total Gross Sales (Q1 FY 2024) |
|---|---|---|
| Peanuts & Peanut Butter | 16.6% | 20.1% |
| Pecans | 7.4% | 9.2% |
| Cashews & Mixed Nuts | 17.2% | 21.0% |
| Walnuts | 4.2% | 4.9% |
| Almonds | 6.9% | 9.1% |
| Trail & Snack Mixes | 26.8% | 28.0% |
| Snack & Nutrition Bars | 14.9% | 0.6% |
| Other | 6.0% | 7.1% |
Gross Profit and Margin Analysis
The gross profit for the first quarter of fiscal 2025 was $46.5 million, which is a decrease of 18.4% from $57.0 million in the same quarter of fiscal 2024. The gross profit margin also declined to 16.9% from 24.4% due to competitive pricing pressures and increased commodity acquisition costs.
Operating Expenses
In the first quarter of fiscal 2025, total operating expenses decreased by $2.9 million, or 9.0%, to $29.5 million, representing 10.7% of net sales, down from 13.9% in the previous year.
| Expense Type | Amount (Q1 FY 2025) | Amount (Q1 FY 2024) | Change ($) | Change (%) |
|---|---|---|---|---|
| Selling Expenses | $19,839,000 | $21,992,000 | $(2,153,000) | (9.8%) |
| Administrative Expenses | $9,698,000 | $10,453,000 | $(755,000) | (7.2%) |
| Total Operating Expenses | $29,537,000 | $32,445,000 | $(2,908,000) | (9.0%) |
Net Income and Earnings Per Share
Net income for the first quarter of fiscal 2025 was $11.7 million, or $1.00 per common share, compared to $17.6 million, or $1.52 per share, in the first quarter of fiscal 2024. The decrease in net income was primarily due to lower gross profit and increased operating expenses.
Cash Flow and Liquidity
Cash provided by operating activities totaled $8.9 million for the first quarter of fiscal 2025, a significant decrease from $21.9 million in the same period of fiscal 2024. The decline was primarily attributed to lower net income and changes in working capital.
| Cash Flow Category | Q1 FY 2025 | Q1 FY 2024 | Change ($) |
|---|---|---|---|
| Operating Activities | $8,934,000 | $21,881,000 | $(12,947,000) |
| Investing Activities | $(11,956,000) | $(6,046,000) | $(5,910,000) |
| Financing Activities | $2,980,000 | $(16,945,000) | $19,925,000 |
| Total Change in Cash | $(42,000) | $(1,110,000) | $1,068,000 |
Conclusion on Financial Performance
JBSS's financial performance for the first quarter of fiscal 2025 reflects a combination of growth in net sales primarily driven by acquisitions, but also challenges in gross profit margins and net income due to competitive pressures and rising costs.
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Article updated on 8 Nov 2024
Resources:
- John B. Sanfilippo & Son, Inc. (JBSS) Financial Statements – Access the full quarterly financial statements for Q1 2025 to get an in-depth view of John B. Sanfilippo & Son, Inc. (JBSS)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View John B. Sanfilippo & Son, Inc. (JBSS)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.