J&J Snack Foods tops expectations; sales up 10 pct

J&J Snack Foods 3rd-quarter results top Wall Street expectations, as sales rise 10 percent

Associated Press

PENNSAUKEN, N.J. (AP) -- J&J Snack Foods Corp., which makes food frozen foods like SuperPretzels and Icee drinks, reported fiscal third-quarter net income that came in a penny above Wall Street expectations as a result of stronger sales.

The Pennsauken, N.J.-based company said Monday that revenue rose 10 percent from a year ago to $226.3 million, with gains coming from all of its businesses. Operating expenses — including costs for marketing and distribution — rose 5 percent to $42.6 million. Operating income rose 10 percent to $29.9 million.

For the three months ended June 23, the company said its net income slipped to $18.7 million, or 99 cents per share. That's down from the $23.3 million, or $1.24 per share, from a year ago, but the company had recorded a one-time gain on the purchase of several frozen food lines from during that earlier period.

Analysts, on average, expected a profit of 98 cents per share on revenue of $223.3 million in the latest quarter.

J&J in May completed the purchase lines from ConAgra Foods Inc. for $8.8 million; the deal included Patio frozen burritos and other frozen foods that are wrapped in dough. Not including that one-time item, the company had earned 89 cents per share in the year-ago period.

J&J Snack Foods' other products include Whole Fruit bars and Luigi's Italian Ice. The company also supplies foodservice providers such as snack bars, malls, movie theaters and colleges.

J&J shares rose $1.01, or 2 percent, to $54 in aftermarket trading following release of the results. The stock closed the regular market session down that same amount, at $52.99.

View Comments