J&J Snack Foods (JJSF) Misses Q1 EPS by 11c, Revenues Beat
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J&J Snack Foods (NASDAQ: JJSF) reported Q1 EPS of $0.09, $0.11 worse than the analyst estimate of $0.20. Revenue for the quarter came in at $241 million versus the consensus estimate of $228.45 million.
- Sales decreased 15% to $241 million from $282.9 million in last year’s first quarter. Net earnings were $1.8 million in the current quarter down from $17.1 million last year.
- Earnings per diluted share was $.09 for the first quarter down from $.89 last year.
- Operating income decreased 97% to $578 thousand in the current quarter from $21.7 million last year.
- Operating income was impacted by approximately $730 thousand of COVID-19 related costs as we remain focused on the safety and protection of our associates.
- This year’s quarter benefited from a $420,000 tax benefit related to share based compensation contributing to an effective tax rate of 8%.
- We are estimating an effective tax rate of 25% for the full year 2021.
Dan Fachner, J&J’s President, commented, “These are unprecedented times, and I’m so proud of our employees, and their commitment to this Company and serving our customers and consumers each and every day. Consumers continue to stay at home which has driven strong growth in our retail segment, but closures and limited capacity food service venues are challenging sales in other parts of our business. Our balance sheet is strong, and we will continue to focus on driving cost efficiencies across our operations. We continue to be optimistic and remain confident that we are well positioned for future growth.”
For earnings history and earnings-related data on J&J Snack Foods (JJSF) click here.
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