Armanino Foods Reports First Quarter 2026 Results Driven by Strong Sales Growth and Margin Expansion; Announces Second Quarter 2026 Dividend
Rhea-AI Summary
Armanino Foods (OTCQX:AMNF) reported Q1 2026 results: net sales $18.4M (+8.3%), gross profit $9.2M (+20.6%) and gross margin 49.8% (up 510 bps). Operating income was $6.1M (+22.1%) and net income $4.7M (+20.4%), diluted EPS $0.1518.
Cash was $30.9M with no debt; free cash flow was $2.9M. The Board declared a quarterly dividend of $0.05 per share payable ~July 31, 2026; Sara Harris named corporate secretary.
Positive
- Net sales +8.3% to $18.4M
- Gross margin expanded 510 bps to 49.8%
- Operating income +22.1% to $6.1M
- Net income +20.4% to $4.7M; diluted EPS $0.1518
- Free cash flow $2.9M and $30.9M cash; no debt
- Board declared $0.05 quarterly dividend
Negative
- Total operating expenses increased to $3.0M (from $2.6M)
- Inventories rose 34% to $6.3M, tying up working capital
- Management cites rising input costs and labor pressures
News Market Reaction – AMNF
In the May 7 session, AMNF gained 5.91%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
PLEASANTON, CA / ACCESS Newswire / May 7, 2026 / Armanino Foods of Distinction, Inc. (OTCQX:AMNF), a leading producer and marketer of premium frozen Italian and specialty foods serving foodservice, retail, and industrial customers across North America and select international markets, today announced financial results for the first quarter ended March 31, 2026.
Financial Results
$ in millions (excl. EPS) | Q1 2026 | Q1 2025 | % Change | |||||||||
Net Sales | $ | 18.4 | $ | 17.0 | 8.3 | % | ||||||
Gross Profit | $ | 9.2 | $ | 7.6 | 20.6 | % | ||||||
Operating Income | $ | 6.1 | $ | 5.0 | 22.1 | % | ||||||
Net Income | $ | 4.7 | $ | 3.9 | 20.4 | % | ||||||
Earnings per Share (Diluted) | $ | 0.1518 | $ | 0.1242 | 22.2 | % | ||||||
First Quarter Results
Armanino delivered a strong start to 2026, with first quarter net sales increasing
Gross profit increased
Trade spend as a percentage of gross sales declined to
Operating expenses increased to
Operating income increased
Net income increased
Cash Flow, Balance Sheet, and Capital Allocation
Cash flow from operations was
Free cash flow was
The Company ended the quarter with
Management Commentary
Deanna Jurgens, President and Chief Executive Officer, commented, "Armanino delivered a strong start to 2026, highlighted by solid sales growth, meaningful margin expansion, and strong cash flow generation in the first quarter.
Our results reflect strong execution across the business, from new customer acquisition and expanding distribution, to improving product mix, pricing realization, and operational efficiency.
At the same time, we recognize that the operating environment remains dynamic. Rising input costs, labor pressures, and customer traffic volatility continue to create challenges across the broader food industry. Our team remains focused on staying close to our customers, actively managing our cost structure, and making investments that strengthen the business for the long term.
We are encouraged by the momentum we are seeing across our foodservice business, our national accounts pipeline, and our international strategy. With a debt-free balance sheet, a strong leadership team, and a clear growth agenda, we believe Armanino is well positioned to create long-term value for our shareholders."
Andrew Leonard, Chief Financial Officer, added, "Our first quarter results reflect both strong operating performance and continued financial discipline. Importantly,
Dividend and Corporate Governance Update
The Company's Board of Directors has declared a quarterly cash dividend of
In addition, the Board of Directors has elected Sara Harris to serve as Corporate Secretary of Armanino Foods of Distinction, Inc., effective immediately. Ms. Harris currently serves as the Company's HR Leader and will assume this additional responsibility while continuing in her current role.
Outlook
The Company remains focused on executing its 2026 Annual Operating Plan, including:
Expanding its U.S. foodservice footprint
Advancing national account opportunities
Scaling international distribution
Driving operational and procurement efficiencies
Armanino Foods of Distinction, Inc.
Income Statement
(Unaudited)
Quarter Ended | ||||||||
$ and shares in millions, except per share amounts | March 31, | |||||||
2026 | 2025 | |||||||
Net Sales | $ | 18.4 | $ | 17.0 | ||||
Cost of goods sold | 9.2 | 9.4 | ||||||
Gross profit | 9.2 | 7.6 | ||||||
Operating expenses: | ||||||||
General, administrative and selling expense | 1.6 | 1.0 | ||||||
Salaries & wages | 1.1 | 1.3 | ||||||
Commissions | 0.3 | 0.2 | ||||||
Total operating expenses | 3.0 | 2.6 | ||||||
Income from operations | 6.1 | 5.0 | ||||||
Other Income / (Expense) | 0.3 | 0.3 | ||||||
Income before income taxes | 6.4 | 5.3 | ||||||
Income taxes | 1.6 | 1.4 | ||||||
Net income | $ | 4.7 | $ | 3.9 | ||||
Earnings per common and equivalent shares: | ||||||||
Basic earnings per share | $ | 0.1525 | $ | 0.1242 | ||||
Weighted average common shares outstanding | 31.1 | 31.7 | ||||||
Diluted earnings per share | $ | 0.1518 | $ | 0.1242 | ||||
Weighted average common shares outstanding assuming dilution | 31.2 | 31.7 | ||||||
Armanino Foods of Distinction, Inc.
Balance Sheets
(Unaudited)
$ in millions | As of | |||||||
March 31, | December 31, | |||||||
2026 | 2025 | |||||||
ASSETS | ||||||||
Cash and cash equivalents | $ | 30.9 | $ | 29.5 | ||||
Accounts receivable, net | 10.5 | 11.8 | ||||||
Inventories, net | 6.3 | 4.7 | ||||||
Prepaid Expenses | 0.5 | 0.7 | ||||||
Total Current Assets | 48.2 | 46.7 | ||||||
Property and Equipment, Net | 8.3 | 8.6 | ||||||
Deposits | 0.1 | 0.1 | ||||||
Operating lease right of use asset | 0.5 | 0.7 | ||||||
Goodwill | 0.4 | 0.4 | ||||||
Trademarks | 0.1 | 0.1 | ||||||
Total Non-Current Assets | 9.4 | 9.9 | ||||||
TOTAL ASSETS | $ | 57.6 | $ | 56.6 | ||||
LIABILITIES AND STOCKHOLDER'S EQUITY | ||||||||
Accounts Payable | $ | 3.9 | $ | 4.7 | ||||
Contract Liabilities | 1.8 | 2.3 | ||||||
Accrued Payroll and Payroll Taxes | 0.6 | 1.4 | ||||||
Phantom Stock Liability | 1.3 | 2.2 | ||||||
Operating Lease Liability ST | 0.6 | 0.7 | ||||||
Dividends Payable | 1.6 | 1.6 | ||||||
Income Taxes Payable | 0.6 | 0.0 | ||||||
Total Current Liabilities | 10.2 | 12.8 | ||||||
Operating Lease Liability LT | 0.0 | 0.1 | ||||||
Deferred Tax Liability LT | 0.8 | 0.6 | ||||||
Total Non-Current Liabilities | 0.8 | 0.6 | ||||||
Total Liabilities | 11.0 | 13.4 | ||||||
Common Stock | 2.8 | 2.8 | ||||||
Treasury Stock | -7.5 | -7.5 | ||||||
Additional Paid-In Capital | 0.5 | 0.3 | ||||||
Retained Earnings | 50.8 | 47.6 | ||||||
Total Stockholder's Equity | 46.6 | 43.1 | ||||||
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY | $ | 57.6 | $ | 56.6 | ||||
About Armanino Foods of Distinction, Inc.
Armanino Foods of Distinction, Inc. (OTCQX:AMNF) is a leading producer and marketer of premium frozen Italian and specialty foods serving foodservice and industrial customers across North America and select international markets. Best known for its top selling Basil Pesto, the Company's product line spans a wide variety of sauces and stuffed pasta dishes, all produced in a British Retail Consortium Global Standards Grade AA facility with rigorous quality systems and scalable packaging formats to meet customer needs. To learn more, please visit the Company's website at https://armaninofoods.com.
Cautionary Statements Regarding Forward-Looking Information
Statements in this news release regarding our expectations and beliefs about our future financial performance and trends in our markets are "forward-looking statements" as defined in the Private Securities Litigations Reform Act of 1995. Forward-looking statements often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate," "project," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may."
The forward-looking statements in this news release regarding our future financial performance are based on current information and because our business is subject to several risks and uncertainties, actual operating results in the future may differ significantly from the future financial performance expected at the current time. Those risks and uncertainties may include, among others: economic factors affecting consumer confidence and discretionary spending and reducing the consumption of food prepared away from home; cost inflation/deflation and commodity volatility; competition; reliance on third party suppliers and interruption of product supply or increases in product costs; changes in the Company's relationships with customers and group purchasing organizations; the Company's ability to increase or maintain the highest margin portions of the Company's business; achievement of expected benefits from cost savings initiatives; increases in fuel costs; changes in consumer eating habits; cost and pricing structures and other governmental regulation. The forward-looking statements contained in this press release speak only as of the date of this press release and are based on information and estimates available to the Company at this time. We undertake no obligation to update or revise any forward-looking statements, except as may be required by law.
Investor Relations Contact
Lucas A. Zimmerman
Managing Director
MZ Group - MZ North America
(262) 357-2918
AMNF@mzgroup.us
www.mzgroup.us
SOURCE: Armanino Foods of Distinction, Inc.
View the original press release on ACCESS Newswire