J+J Snack Foods: Reports Q1-2020 Sales and Earnings

Pennsauken / NJ. (jj) J+J Snack Foods Corporation announced sales and earnings for the first quarter ended December 28, 2019.

Sales increased 4 percent to USD 282.9 million from USD 271.6 million in last year’s first quarter. Net earnings decreased to USD 17.1 million in the current quarter from USD 17.5 million last year. Earnings per diluted share decreased to USD 0.89 for the first quarter from USD 0.93 last year. Operating income decreased 2 percent to USD 21.7 million in the current quarter from USD 22.1 million in the year ago quarter. Operating income was impacted by approximately USD 1 million of costs related to the relocation of our ICEE company’s headquarters to Tennessee.

Net earnings for last year’s quarter benefited from a reduction of approximately USD 900,000 in tax, or USD 0.05 per diluted share, as the provision for the one time repatriation tax as a result of the Tax Cuts and Job Act of 2017 was reduced as the amount recorded the year prior was an estimate. Excluding the reduction in the provision for the one-time repatriation tax, our effective tax rate was 28.0 percent in last year’s quarter.

J+J’s effective tax rate was 27.3 percent in this year’s quarter. Gerald B. Shreiber, J+J’s President and Chief Executive Officer, commented, «We remain committed to long term profitable sales growth.»