J&J Snack Foods Corp. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended June 24, 2017; Provides Capex and Tax Rate Guidance for the Full Year of 2017
July 24, 2017 at 09:00 pm
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J&J Snack Foods Corp. reported unaudited consolidated earnings results for the third quarter and nine months ended June 24, 2017. For the quarter, the company reported net sales of $295,415,000 against $277,981,000 a year ago. Operating income was $37,800,000 against $40,437,000 a year ago. Earnings before income taxes was $39,142,000 against $41,387,000 a year ago. Net earnings were $25,304,000 against $26,791,000 a year ago. Earnings per diluted share were $1.34 against $1.43 a year ago. Capital spending was $24 million in the quarter, as continue to invest in planned efficiencies and growing business.
For the nine months, the company reported net sales of $767,498,000 against $730,541,000 a year ago. Operating income was $81,238,000 against $82,076,000 a year ago. Earnings before income taxes was $84,411,000 against $85,100,000 a year ago. Net earnings were $54,831,000 against $55,357,000 a year ago. Earnings per diluted share were $2.93 against $2.97 a year ago. Net cash provided by operating activities was $83,338,000 against $71,348,000 a year ago. Purchases of property, plant and equipment was $57,151,000 against $37,221,000 a year ago.
The company is presently estimating capital spending for the year 2017 to be $60 million to $65 million. The company is estimating a tax rate of about 35.5% in fiscal year 2017, which compares to a full year rate of 35% in 2016.
J & J Snack Foods Corp. manufactures snack foods and distributes frozen beverages which it markets nationally to the foodservice and retail supermarket industries. The Company operates through three segments: Food Service, Retail Supermarkets and Frozen Beverages. The primary products sold by the Food Service segment are soft pretzels, frozen novelties, churros, handheld products and baked goods. The primary products sold to the retail supermarket channel are soft pretzel products including SUPERPRETZEL and AUNTIE ANNEâS, frozen novelties including LUIGIâS Real Italian Ice, MINUTE MAID Juice Bars and Soft Frozen Lemonade, WHOLE FRUIT frozen fruit bars and sorbet, DOGSTERS ice cream style treats for dogs, PHILLY SWIRL cups and sticks, ICEE Squeeze-Up Tubes and handheld products. This segment also offers Thinsters. The Company sells Frozen Beverages to the foodservice industry primarily under the names ICEE, SLUSH PUPPIE and PARROT ICE in the United States, Mexico and Canada.
J&J Snack Foods Corp. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended June 24, 2017; Provides Capex and Tax Rate Guidance for the Full Year of 2017