Sanfilippo corrects Q1 FY2027 earnings release wording
Total pound volume was flat, while Consumer distribution volume fell 6.7% and diluted EPS fell 30.2%.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
John B. Sanfilippo & Son, Inc. reported fiscal 2027 first-quarter net sales of $288.1 million, down $10.5 million, or 3.5%, from a year earlier. Sales volume was unchanged at 90.5 million pounds, while gross profit fell 9.6% to $48.9 million and diluted EPS declined 30.2% to $1.11 per share. Gross profit margin was 17.0% of net sales, compared with 18.1% in the prior-year quarter. Net sales reflected a 3.6% decrease in weighted average selling price per pound, primarily from product mix shifts and lower selling prices for walnuts, trail and snack mix products, and peanuts.
Consumer distribution volume fell 6.7%; Commercial Ingredients volume rose 3.7% and Contract Manufacturing volume rose 41.3%, leaving overall volume unchanged. Gross profit declined amid competitive pricing, timing of pricing actions, higher manufacturing costs, and an unfavorable product mix; operating expenses increased $2.5 million. Inventory value remained substantially consistent with the prior-year quarter, while the weighted average cost per pound of raw nut and dried fruit input stock on hand decreased 20.6% year over year. The amended release corrects several wording differences to match the original release; no other changes were made.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- None.
Negative
- Moderate pointDiluted EPS declined 30.2% to $1.11 per share.
8-K Event Classification
Key Figures
Key Terms
weighted average selling price per pound financial
gross profit margin financial
weighted average cost per pound financial
Contract Manufacturing Distribution Channel financial
Earnings Snapshot
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were JBSS's first-quarter fiscal 2027 sales?
What was JBSS's diluted EPS in fiscal 2027 Q1?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K/A
(Amendment No. 1)
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 30, 2026 ( |
(Exact name of Registrant as Specified in Its Charter)
(State or Other Jurisdiction |
(Commission File Number) |
(IRS Employer |
||
|
|
|
|
|
|
||||
|
||||
(Address of Principal Executive Offices) |
|
(Zip Code) |
||
Registrant’s Telephone Number, Including Area Code: |
|
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
|
|
Trading |
|
|
|
|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
The following information is furnished pursuant to Item 2.02, “Results of Operations and Financial Condition”.
On October 28, 2026, John B. Sanfilippo & Son, Inc. (the “Company”) issued a press release regarding its financial results for the first quarter of fiscal 2027 via Business Wire (the “Original Release”) and furnished the press release in a Form 8-K filed with the Securities and Exchange Commission (the “Form 8-K Release”). The Form 8-K Release furnished with the Company’s Form 8-K contained typographical variations from the Original Release issued via Business Wire.
The Form 8-K Release inadvertently contained a reference on page 1 under the heading “CEO Commentary” to “Sales volume was unchanged from the prior year period end” rather than “Sales volume was unchanged from the prior year period” as contained in the Original Release.
The Form 8-K Release inadvertently contained a reference on page 2 under the heading “Contract Manufacturing Distribution Channel” to “a significant new customer that was added in the second quarter of the prior year” rather than “an existing customer” as contained in the Original Release and to “granola sales volume opportunity” rather than “granola sales opportunity” as contained in the Original Release.
The Form 8-K Release inadvertently contained a reference on page 3 under the heading “Inventory” to “relatively consistent with the prior year quarter” rather than “substantially consistent with the prior year quarter” as contained in the Original Release.
Other than these conforming corrections, no other changes have been made to the Form 8-K Release.
The press release which is conformed to the Original Release is attached hereto as Exhibit 99.1 and incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
The exhibits furnished herewith are listed in the Exhibit Index of this Current Report on Form 8-K.
EXHIBIT INDEX
|
|
|
Exhibits |
|
Description |
99.1 |
|
Press Release dated October 28, 2026. |
104 |
|
Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
|
|
JOHN B. SANFILIPPO & SON, INC. |
|
|
|
|
Date: |
October 30, 2026 |
By: |
/s/ Frank S. Pellegrino |
|
|
|
Frank S. Pellegrino |
Exhibit 99.1
John B. Sanfilippo & Son, Inc. Reports Fiscal 2027 First Quarter Results
Company Reports First Quarter Diluted EPS of $1.11 per Share
Elgin, IL, October 28, 2026 -- John B. Sanfilippo & Son, Inc. (NASDAQ: JBSS) (the “Company”) today announced financial results for its fiscal 2027 first quarter ended September 24, 2026.
First Quarter Summary
CEO Commentary
“I am honored to serve as Chief Executive Officer and build upon the strong foundation of our Company. We remain committed to profitable growth, operational excellence, disciplined capital allocation, and maintaining our financial strength, while continuing to deliver exceptional service to our customers. We delivered a solid start to fiscal 2027 in a difficult economic environment. Sales volume was unchanged from the prior year period, marking our third consecutive quarter of stable or improving volume performance. While last year’s exceptionally strong first quarter diluted EPS provided a difficult comparison, we improved diluted EPS by more than 50% compared to the fourth quarter of fiscal 2026, demonstrating meaningful improvement in profitability and positive momentum during the 2026 calendar year. Looking ahead, we remain focused on executing our strategic priorities and believe we are well positioned to build on this momentum throughout fiscal 2027,” stated Jasper B. Sanfilippo Jr., Chief Executive Officer.
First Quarter Results
Net Sales
Net sales for the first quarter of fiscal 2027 decreased by $10.5 million, or 3.5%, to $288.1 million. This decrease was driven by a 3.6% decrease in the weighted average selling price per pound. The decrease in the weighted average selling price per pound was primarily attributable to a shift in product mix toward lower priced items and lower selling prices for walnuts, trail and snack mix products and peanuts mainly due to lower commodity acquisition costs. These decreases were partially offset by higher selling prices for pecans and almonds due to higher commodity acquisition costs. Sales volume decreased for all major product types, except for peanuts, walnuts and pecans, all of which experienced volume growth in the quarter.
1
Sales Volume
Consumer Distribution Channel -6.7%
Sales volume decreased primarily due to a 6.3% reduction in private brand sales volume. The decline was driven mainly by lower nut and trail mix volumes and, to a lesser extent, lower bar volumes. Bar sales were impacted by softness in mainstream bars and consumer migration to smaller pack sizes, partially offset by the successful launch of a new “better-for-you” bar offering and expanded bar business with an existing customer. Nut and trail mix sales volume was negatively impacted by lower sales to several existing customers driven by category softness in snack and trail mix products and peanuts, reduced promotional activity and the impact of previously lost business. These declines were partially offset by new business at a grocery retailer and additional recipe nut volume at three existing customers.
Commercial Ingredients Distribution Channel +3.7%
This sales volume increase was primarily driven by increased sales of peanut crushing stock to peanut oil processors. In addition, Foodservice sales increased modestly due to new business, customer growth and favorable order timing. These increases were partially offset by lower Industrial sales resulting from planned business exits, lower customer demand and unfavorable order timing.
Contract Manufacturing Distribution Channel +41.3%
This sales volume increase was mainly driven by increased snack nut sales to an existing customer. This increase was partially offset by non-repeat of the prior year granola sales opportunity.
Gross Profit
Gross profit decreased $5.2 million to $48.9 million and gross profit margin declined to 17.0% of net sales from 18.1% of net sales in the prior year’s first quarter. The decrease in gross profit was primarily attributable to competitive pricing pressure and timing of pricing actions for peanuts, bars and snack and trail mix products. Additionally, manufacturing expenses increased due to higher freight, equipment repairs and maintenance and rent costs. The decrease in gross profit margin was attributable to these factors and an unfavorable shift in product mix.
Operating Expenses, net
Total operating expenses increased $2.5 million compared to the prior year quarter, primarily driven by increases in professional fees, freight costs, rent expense and compensation expense. These increases were partially offset by lower incentive compensation expense. As a percentage of net sales, total operating expenses increased to 10.3% from 9.1% in the prior comparable quarter, driven by the factors noted above and a lower net sales base.
2
Inventory
The value of total inventories on hand at the end of the current year’s first quarter remained substantially consistent with the prior year quarter. However, the weighted average cost per pound of raw nut and dried fruit input stock on hand decreased 20.6% year over year, primarily due to higher on hand quantities of peanuts (both inshell and meats) purchased at lower costs partially offset by higher acquisition cost of pecans and almonds.
In closing, Mr. Sanfilippo commented, “As we look ahead to the remainder of fiscal 2027, we are confident in our ability to navigate the near-term challenges in our Consumer channel. While we expect to replace a significant portion of the lost Consumer volume with incremental Contract Manufacturing volume, this shift will result in a less favorable sales mix. However, we continue to identify opportunities to grow the Consumer business. Our brands and many of our products remain well aligned with consumer demand for nutritious, better-for-you snacks, and we are actively responding to current category trends while focusing on initiatives to improve category performance and drive category growth. We are also encouraged by new business opportunities we are pursuing in our nut and trail mix category. In addition, we continue to see significant opportunities to expand our protein-forward bar offerings, where consumer demand and category growth remain strong. We recently completed a strategic consulting engagement that reinforced our long-term growth plan and identified further opportunities to accelerate long-term growth. In addition, we are currently evaluating our cost structure to maximize efficiency, prioritize resources and ensure we proactively respond to evolving market conditions. We are excited about the future of the Company and grateful to our employees for their hard work, dedication, and commitment to executing our strategy.”
Conference Call
The Company will host an investor conference call and webcast on Thursday, October 29, 2026, at 10:00 a.m. Eastern (9:00 a.m. Central) to discuss these results. To register for the call, please click on the Participant Registration to register at https://register-conf.media-server.com/register/BIa447cc3d9c27464abaf30d9ac7ebfef6. After registering, an email will be sent, including dial-in details and a unique access code required to join the live call. This call is also being webcast by Notified and can be accessed at the Company’s website at www.jbssinc.com.
About John B. Sanfilippo & Son, Inc.
Based in Elgin, Illinois, John B. Sanfilippo & Son, Inc. is a processor, packager, marketer and distributor of nut and dried fruit products and bars, that are sold under the Company’s Fisher ®, Orchard Valley Harvest ®, Squirrel Brand ® and Southern Style Nuts ®brand names and under a variety of private brands.
Upcoming Event
The Company will be presenting at the Southwest IDEAS conference in Dallas, Texas on November 18, 2026. Qualified investors that would like to schedule a meeting with management should contact Three Part Advisors at the phone number below.
3
Forward Looking Statements
Some of the statements in this release are forward-looking. These forward-looking statements may be generally identified by the use of forward-looking words and phrases such as “will”, “intends”, “may”, “believes”, “anticipates”, “should” and “expects” and are based on the Company’s current expectations or beliefs concerning future events and involve risks and uncertainties. Consequently, the Company’s actual results could differ materially. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events or other factors that affect the subject of these statements, except where expressly required to do so by law. Among the factors that could cause results to differ materially from current expectations are: (i) sales activity for the Company’s products, such as a decline in sales to one or more key customers, or to customers or in the nut and bars categories generally, in some or all channels, a change in product mix to lower price products, a decline in sales of private brand products or changing consumer preferences, including a shift from higher margin products to lower margin products; (ii) changes in the availability and costs of raw materials and ingredients due to global conflict, tariffs and other import restrictions and the impact of fixed price commitments with customers; (iii) the ability to pass on price increases to customers if commodity costs rise and the potential for a negative impact on demand for, and sales of, our products from price increases; (iv) the ability to measure and estimate bulk inventory, fluctuations in the value and quantity of the Company’s nut inventories due to fluctuations in the market prices of nuts and bulk inventory estimation adjustments, respectively; (v) the Company’s ability to appropriately respond to, or lessen the negative impact of, competitive and pricing pressures; (vi) losses associated with product recalls, product contamination, food labeling or other food safety issues, or the potential for lost sales or product liability if customers lose confidence in the safety of the Company’s products or in nuts or nut products in general, or are harmed as a result of using the Company’s products; (vii) the ability of the Company to control costs (including inflationary costs) and manage shortages or other disruptions in areas such as inputs, transportation and labor; (viii) uncertainty in economic conditions, including the potential for inflation or economic downturn leading to decreased consumer demand; (ix) the timing and occurrence (or nonoccurrence) of other transactions and events which may be subject to circumstances beyond the Company’s control; (x) the adverse effect of labor unrest or disputes, litigation and/or legal settlements, including potential unfavorable outcomes exceeding any amounts accrued; (xi) losses due to significant disruptions at any of our production or processing facilities, our inability to meet or fulfill customer orders on a timely basis, if at all, or employee unavailability due to labor shortages; (xii) the ability to implement our Long-Range Plan, including growing our branded and private brand product sales, diversifying our product offerings (including by the launch of new products) and expanding into alternative sales channels; (xiii) technology disruptions or failures or the occurrence of cybersecurity incidents or breaches; (xiv) the inability to protect the Company’s brand value, intellectual property or avoid intellectual property disputes; and (xv) our ability to manage the impacts of changing weather patterns on raw material availability due to climate change.
Contacts: |
|
Company: |
Investor Relations: |
Frank S. Pellegrino |
John Beisler or Steven Hooser |
President & Chief Financial Officer |
Three Part Advisors, LLC |
847-214-4138 |
817-310-8776 |
-more-
4
JOHN B. SANFILIPPO & SON, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except per share amounts)
|
|
For the Quarter Ended |
|
|||||
|
|
September 24, |
|
|
September 25, |
|
||
Net sales |
|
$ |
288,136 |
|
|
$ |
298,683 |
|
Cost of sales |
|
|
239,232 |
|
|
|
244,589 |
|
Gross profit |
|
|
48,904 |
|
|
|
54,094 |
|
Operating expenses: |
|
|
|
|
|
|
||
Selling expenses |
|
|
19,475 |
|
|
|
17,880 |
|
Administrative expenses |
|
|
10,100 |
|
|
|
9,197 |
|
Total operating expenses |
|
|
29,575 |
|
|
|
27,077 |
|
Income from operations |
|
|
19,329 |
|
|
|
27,017 |
|
Other expense: |
|
|
|
|
|
|
||
Interest expense |
|
|
683 |
|
|
|
984 |
|
Rental and miscellaneous expense, net |
|
|
654 |
|
|
|
576 |
|
Pension expense (excluding service costs) |
|
|
413 |
|
|
|
389 |
|
Total other expense, net |
|
|
1,750 |
|
|
|
1,949 |
|
Income before income taxes |
|
|
17,579 |
|
|
|
25,068 |
|
Income tax expense |
|
|
4,411 |
|
|
|
6,342 |
|
Net income |
|
$ |
13,168 |
|
|
$ |
18,726 |
|
Basic earnings per common share |
|
$ |
1.12 |
|
|
$ |
1.60 |
|
Diluted earnings per common share |
|
$ |
1.11 |
|
|
$ |
1.59 |
|
Weighted average shares outstanding |
|
|
|
|
|
|
||
— Basic |
|
|
11,716,965 |
|
|
|
11,671,187 |
|
— Diluted |
|
|
11,836,778 |
|
|
|
11,747,200 |
|
5
JOHN B. SANFILIPPO & SON, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in thousands)
|
|
September 24, |
|
|
June 25, |
|
|
September 25, |
|
|||
ASSETS |
|
|
|
|
|
|
|
|
|
|||
CURRENT ASSETS: |
|
|
|
|
|
|
|
|
|
|||
Cash |
|
$ |
2,019 |
|
|
$ |
1,147 |
|
|
$ |
714 |
|
Accounts receivable, net |
|
|
89,222 |
|
|
|
84,310 |
|
|
|
84,368 |
|
Inventories |
|
|
235,104 |
|
|
|
245,826 |
|
|
|
234,716 |
|
Prepaid expenses and other current assets |
|
|
12,951 |
|
|
|
18,028 |
|
|
|
13,720 |
|
|
|
|
339,296 |
|
|
|
349,311 |
|
|
|
333,518 |
|
|
|
|
|
|
|
|
|
|
|
|||
PROPERTIES, NET: |
|
|
265,714 |
|
|
|
255,965 |
|
|
|
181,661 |
|
|
|
|
|
|
|
|
|
|
|
|||
OTHER LONG-TERM ASSETS: |
|
|
|
|
|
|
|
|
|
|||
Intangibles, net |
|
|
14,925 |
|
|
|
15,137 |
|
|
|
15,866 |
|
Operating lease right-of-use assets |
|
|
41,446 |
|
|
|
24,584 |
|
|
|
27,187 |
|
Equipment deposits |
|
|
1,834 |
|
|
|
3,308 |
|
|
|
29,516 |
|
Other assets |
|
|
9,808 |
|
|
|
10,276 |
|
|
|
10,934 |
|
|
|
|
68,013 |
|
|
|
53,305 |
|
|
|
83,503 |
|
TOTAL ASSETS |
|
$ |
673,023 |
|
|
$ |
658,581 |
|
|
$ |
598,682 |
|
|
|
|
|
|
|
|
|
|
|
|||
LIABILITIES & STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|||
CURRENT LIABILITIES: |
|
|
|
|
|
|
|
|
|
|||
Revolving credit facility borrowings |
|
$ |
56,035 |
|
|
$ |
33,615 |
|
|
$ |
51,093 |
|
Current maturities of long-term debt |
|
|
6,627 |
|
|
|
6,052 |
|
|
|
2,343 |
|
Accounts payable |
|
|
75,318 |
|
|
|
72,438 |
|
|
|
51,616 |
|
Bank overdraft |
|
|
391 |
|
|
|
237 |
|
|
|
563 |
|
Accrued expenses |
|
|
34,648 |
|
|
|
55,591 |
|
|
|
31,054 |
|
|
|
|
173,019 |
|
|
|
167,933 |
|
|
|
136,669 |
|
|
|
|
|
|
|
|
|
|
|
|||
LONG-TERM LIABILITIES: |
|
|
|
|
|
|
|
|
|
|||
Long-term debt, less current maturities |
|
|
42,791 |
|
|
|
43,567 |
|
|
|
29,827 |
|
Retirement plan |
|
|
29,501 |
|
|
|
29,193 |
|
|
|
28,288 |
|
Long-term operating lease liabilities |
|
|
36,402 |
|
|
|
20,648 |
|
|
|
23,497 |
|
Deferred income taxes |
|
|
6,067 |
|
|
|
2,436 |
|
|
|
3,496 |
|
Other |
|
|
14,462 |
|
|
|
14,856 |
|
|
|
14,121 |
|
|
|
|
129,223 |
|
|
|
110,700 |
|
|
|
99,229 |
|
|
|
|
|
|
|
|
|
|
|
|||
STOCKHOLDERS' EQUITY: |
|
|
|
|
|
|
|
|
|
|||
Class A Common Stock |
|
|
26 |
|
|
|
26 |
|
|
|
26 |
|
Common Stock |
|
|
92 |
|
|
|
92 |
|
|
|
92 |
|
Capital in excess of par value |
|
|
144,603 |
|
|
|
143,522 |
|
|
|
140,578 |
|
Retained earnings |
|
|
226,422 |
|
|
|
236,670 |
|
|
|
222,728 |
|
Accumulated other comprehensive income |
|
|
842 |
|
|
|
842 |
|
|
|
564 |
|
Treasury stock |
|
|
(1,204 |
) |
|
|
(1,204 |
) |
|
|
(1,204 |
) |
TOTAL STOCKHOLDERS’ EQUITY |
|
|
370,781 |
|
|
|
379,948 |
|
|
|
362,784 |
|
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY |
|
$ |
673,023 |
|
|
$ |
658,581 |
|
|
$ |
598,682 |
|
6