Pennsauken / NJ. (jj) J+J Snack Foods Corporation announced sales and earnings for the third quarter ended June 29, 2019.
Sales increased 7 percent to USD 326.7 million from USD 306.2 million in last year’s third quarter. Net earnings increased 18 percent to USD 30.9 million in the current quarter from USD 26.1 million last year. Earnings per diluted share increased 17 percent to USD 1.63 for the third quarter from USD 1.39 last year. Operating income increased 12 percent to USD 39.0 million in the current quarter from USD 34.9 million in the year ago quarter.
For the nine months ended June 29, 2019, sales increased 4 percent to USD 874.6 million from USD 837.5 million in last year’s nine months. Net earnings decreased to USD 68.8 million in the nine months from USD 80.2 million last year. Earnings per diluted share decreased to USD 3.64 from USD 4.27 last year. Operating income increased 8 percent to USD 85.9 million this year from USD 79.6 million last year.
Net earnings for last year’s nine months benefitted from a USD 20.9 million, or USD 1.11 per diluted share, gain on the re-measurement of deferred tax liabilities and were impacted by a USD 1.2 million, or USD .06 per diluted share, provision for the one-time repatriation tax, both of which resulted from the Tax Cuts and Jobs Act enacted in December 2017. This year’s nine months benefitted by a reduction of approximately USD 900,000 in tax, or USD .05 per diluted share, as the one-time repatriation tax was recorded on an estimated basis at December 30, 2017 and was revised downward in this year’s first quarter.
Gerald B. Shreiber, J+J’s President and Chief Executive Officer, commented, «We are pleased to report improved performance and increased operating income across all of our business segments in this quarter. We continue to be focused on improving our margins and revenue going forward.»
