John B. Sanfilippo & Son Shares Fall After Recall Costs Reduce 4Q Profit

Dow Jones
Aug 21
 
 

Shares of John B. Sanfilippo & Son were trading lower on Thursday after the company reported a lower fourth-quarter profit tied to recall-related costs.

The company's stock fell 6.7% to $75.83 a share.

The nut and dried fruit company on Wednesday after the close reported fourth-quarter earnings per share of 71 cents, compared with $1.15 a share in the year-ago quarter.

John B. Sanfilippo & Son attributed the decline to $2.7 million in recall-related costs tied to dry milk powder supplied by a third-party manufacturer used in the seasoning some of its products. Higher customer claims also weighed on the company's bottom line, along with higher snack bar ingredient costs, manufacturing inefficiencies, and higher freight expenses.

Fourth-quarter net sales rose to $280.4 million, compared with $269.1 million in the year-ago quarter.

 
 

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