J & J Snack Foods Reports Third Quarter Sales And Earnings
Source J & J Snack Foods
PENNSAUKEN, N.J., July 24, 2017 (GLOBE NEWSWIRE) -- J & J Snack Foods Corp. (NASDAQ:JJSF) today announced sales and earnings for the third quarter ended June 24, 2017.
Sales for the third quarter increased 6% to $295.4 million from $278.0 million in last year’s third quarter. Net earnings decreased 6% to $25.3 million in the current quarter from $26.8 million last year. Earnings per diluted share decreased to $1.34 for the third quarter from $1.43 last year. Operating income decreased 7% to $37.8 million in the current quarter from $40.4 million in the year ago quarter.
For the nine months ended June 24, 2017, sales increased 5% to $767.5 million from $730.5 million in last year’s nine months. Net earnings decreased 1% to $54.8 million this year from $55.4 million last year for the nine months. Earnings per diluted share decreased to $2.91 from $2.95 last year. Operating income decreased 1% to $81.2 million this year from $82.1 million last year for the nine months.
Operating income for this year’s third quarter and nine months included an insurance recovery of $1.8 million related to an insurable loss reported in last year’s fourth quarter related to certain product quality issues.
