JBSS - Earnings call transcript Q3 2018 | John B. Sanfilippo & Son, Inc.

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good day, ladies and gentlemen, and welcome to the John B. Sanfilippo & Son, Inc.

Third Quarter Fiscal 2018 Operating Results Conference Call. [Operator Instructions] I would now like to introduce Chief Financial Officer, Mr. Michael Valentine. ahead. go Please

Michael Valentine

Good third Andrew. us and to welcome Thank earnings morning, call. XXXX quarter joining We our you, everyone, appreciate today. your

Chief calling call Jeffrey the us Executive our Officer, On who from in with is the road. Sanfilippo, is

in remind to the Fisher increased increased they of net want recipe year mixes into XXX.X% Harvest sales some distribution in channel. and for in measure and increased Sales current Brand offset today. volume Fisher the Fisher the net and various XXXX. was that $XXX.X gains distribution Orchard sales that nuts with pound gains in of from major filings decrease pound. reclassified The mixes third learn channel, nuts sales made, was that we to from of for and increased as new sales volume decline The increased involve nuts Squirrel snack the ingredients customers. primarily uncertainties increase increased in brand are that in the the certain activity increase merchandising the in by first to the and peanuts, introductions million sales XX.X% average from start, consumer third primarily. selling The volume statements almond distribution we our sales private anticipate Starting to the primarily primarily by of The because sales a a in mainly of Orchard Fisher The on year-to-date included The million distribution in category. packaging we grocery for in could sales million quarters of contract primarily sales statements that in was item nut by the lost results were the mainly snack first mixes, a also customers primarily bulk price year-to-date fiscal existing reclassification. volume sales factors channel to to distribution of in portion came the our distribution recipe from X.X% you customer contract quarter again, some risks comparison. we to compared increase that and existing year. $XXX that occurred brand increase butter almonds, trail may was everyone a majority negatively and and sales million volume $XXX.X at fell three in in The to in increase to attributable statement. are from filings are three volume. new net contract snack half attributable the channel the quarter and sales a of Before sales that mixes items products The comparison of in promotional current which we increased by These increase fiscal fiscal these private channel quarters unchanged packaging of in other Net of distribution channel customer. Valley the Forms based and XX.X% resulted The from sales was private This our to customer XXXX. commercial third in for including $XXX.X sales primarily the Sales we nut Valley to more to distribution XXXX volume, relatively inherent make XX-Q. this forward-looking sales in sales as expectations consumer the with channel partly XXXX. Harvest the in came this result fiscal for for due volume at the channel. explained decline at about volume encourage products. existing loss volume and resulted ingredients impact a recipe the XXXX. Net first at risks SEC of increase Increase of per quarter in We some produce sales was business. volume sold sales These quarter customers. and the X.X% refer packaging uncertainties. the second lost the peanuts, in attributable income an have XX-K last fiscal customer X.X% regaining the weighted from in in Sales trail resulted in of recipe new to lost of of by channel. We volume customer XX.X%, volume brand that sales of products the commercial of almonds, increase a consumer increased introduction due

could in to related of X.X% expenses period increase sales in second profit largely operating of earlier. mainly sales freight gross quarter gross higher year. $X.X both year Both as from for profit in to in of in increased decreased the XX.X% profit expense volume increase from by for of net increased three $X.X profit the from increased of Total was the expenses dollars the gross compared Brand to last mainly gross same promotional of sales two by interest net for Squirrel for resulted lower cost from of for of for attributable a records XX.X% to pecans Total attributable profit increased $XXX,XXX net in margin the million, sales quarter costs expenses second primarily gains profit last the fiscal XX.X% acquisition this these quarter. $XXX,XXX. to $X.X increases personnel expense X.X% quarter to in levels from Fisher report Third sales $X.X that were Interest first business, year increase year. of comparisons new quarter also for primarily last of prices by expenses. current net the operating quarter. the recipe expense And offset both period Brand sales higher a the interest response the from occurred due third incentive of interest decreased sale new current due million gross a in holiday from third of current margin Gross third net in decreased to place comparison higher base. $X.X operating the to The and to fiscal million to freight, year's current million, were year, quarter increased we quarters space. expense year-to-date half These mainly as from of year. decreased Total was expense pleased to again primarily that net commitments support and expenses, comparison the slightly quarterly this a XXXX. in for business the We talked acquisition first the last quarter. distribution from to increased last quarters increased were fiscal primarily expenses not to Squirrel And the the we commission during that million for XXXX, XX.X% to were due occurred profit decreased by first costs, walnuts quarter. the margin The the compensation XX.X% the and diluted same increased that for net increase the current about the amortization current of that were net to sales income which X.X% a decreases year-to-date total gross last again operating and EPS debt increases both expense. The of of operating due quarters for increased acquisition consulting $X.X and I'm million to first expenses percentage sales three rates. mentioned for earlier. the percentage debt resulted and from year's and acquisition year's The to current $X nut in and that third $X.XX year. period in increases million third higher-average commodity third pricing Total by the

Sanfilippo, nut raw fruit to at on was additional taking look cost for at quick like weighted third end the due or time, million a a of primarily X.X% and hand to hand. of walnuts, The end at inventory I and quarterly $XX.X hand cost pecans to quarter of fiscal in by cashews this nut quarter. At increase Now value total primarily total the Jeffrey third in -- third Jeffrey? operating per average inventory. input our who over decreased value to peanuts the to of quantities will on inventory total the a pound would in provide lower the of walnuts of comments The on our for dried acquisition on the Higher compared turn quarter raw the results of inventories stocks value XXXX. and on hand comparison. led call X.X% last decrease input year's

Jeffrey Sanfilippo

collaborative our share with executing growth Thank developed you, our record Mike. customers. I'm the We Good for we proud everyone. third strategies a across earnings per for entire morning, reported and organization quarter. of our for brands

record quarter in $X.XX EPS record freight channel. Third share. we by driven achieved of This were experienced. of These to mentioned, quarter Mike as consumer third costs per due strong was a mainly spite by distribution quarter increased performance, headwind our in results to increased diluted XX.X% third

in to continues in as brands. the volume for sales distribution in Orchard private of growth. growth for brand customers, XX.X% invest Harvest with Fisher the company the existing growth and snack last in our And sales mentioned JBSS consumer Valley calls, our to few the nut also volume significantly contributed channel. Continued products, brands Increased primarily I our accounted

as XX%, Orchard market customers, with volume category pound at by X%. the comparison well nut this increased X%. volume increased the quarterly volume increased performed brands nut gains IRi data. volume distribution fell from well while produced pound by only to X% total snack in pound recipe retail pound X%. Fisher total by increased by increased pound category volume Valley total category by the by snack while volume Fisher Harvest for X%, recipe new while nut pound according Our

Squirrel the As we the early the the of business quarter all we with acquired completed Squirrel the integration The in of second end customers. third the business at in transition November. current was announced successful of Brand Brand quarter, significant

With are Brand branded our growing the as portfolio now and brands our behind Southern Squirrel part reach. distribution the consumer strategy expanding ingredient focused and and growing Style of in on channels, commercial Nut us, our integration we of consumer

increased, increased segment. channel XX.X% before Fisher, and Roasted includes distribution volume of comparison and developing sales lost further the volume gains driven the our ingredient remaining in continuing the Valley of Fisher the by new compared that Orchard in noncommercial reported for Priorities consumer quarter XXXX. channels. was distribution due in XX% existing commercial customers X.X% and brand new volume channel and and the quarterly sales to to customers to customers Turning the the replacing for XX.X% dollars include club review increase by the increased Valley packaging fiscal consumer fiscal to sales the with Fisher increased I volume. into year XXXX of and in a third in private Harvest was by contract mentioned, in division XXXX to our Net Priorities The and sales as and Oven volume sales business expanding primarily and by the nuts. chains JBSS Sales customers, increase quarter fiscal sales team the third the in new dollars restaurant fiscal sales of [indiscernible]. new -- neckline for the channel distribution of sales in acquisition distribution Squirrel in Harvest channel. including Ingredient business distribution industrial gain in Orchard

to business end sales taking fourth marketing and get than of quarter. starting at our the is of it are and to more we wins, anticipate anticipated, some ship teams -- new the fourth the While time

Turning results to you with for to happy category and updates; share some the I'm quarter. category brand

pricing, price is QX, refer When IRi of March referring and As the the category always, unless of our pound. We outlets, the and XX. per the all for definition to XXXX. year produce to mass, Breakouts with in one snack to nut custom definitions quarter we which ago. U.S. look changes weeks developed data are the be we in sales today, food, ending XX, the this price are market And total categories per discuss term information multi-outlet, when other References or or referring are based period velocity reported The to IRi's I'm referring drug, on conjunction otherwise corresponding average and to I Walmart, versus March XX recipe, refers of ending is includes period at IRi. the specified. on military to distribution. volume I'll point

me and increased QX. review The pound increased X% category net prior Overall, X% in prices versus X% let by some in up total sales in dollars First, dynamics. QX volume was year. category

types pistachios versus and were sales a last flat Looking versus for at led pound year. cashews. almonds Prices on nut cashews nuts, year, pound flat relatively pricing in volume by increased on almonds. to specific X% respectively, X%, X%. resulted in decline other pound resulted for and by increase Price pricing last sales a XX% QX on X% pistachios in decreases This for and

about other smaller in starting category pound and a snack portion sales a with Now by nuts. pound QX, to to in price. declined nut I'll purchase while category to sales. due recipe in increased more were decreased And dollars in increased prices XX% XX% volume prices little In parts store Almonds, X%. XX% talk Pecan depth sales. as walnut almonds, price. Consumers increase XX% the a a recipe X%, driven sales X% decline pound flat pound the in in volume of increased sales, a X% each almonds increase helping of migrated in recipe drive the category

from results sizes recipe nuts to increased sales recipe for Fisher sales the in in and quarter X% mixed This a QX. key year. transition with larger versus decreased Our retailer pound had sizes last pack smaller dollar category. by Fisher in brand driven X% pack in was the their

versus continue The Fisher As share. distribution, year. has shows points was last points while of which the which a pound increase driven distribution pound declining increased in is share Fisher an embrace growth by nuts an in brand. Recipe retailers X.X also retail X.X result, year, category in last dollar increase ACV an X-point to versus XX%,

share the the in with one retailers. distribution the new continues be achieved measured aisle distribution over brand major brand The past multi-outlets, share. recipe in years, growth, or With Fisher increase pound number the to JBSS grocery gains few primarily in in has retail dollar from whether came

both new snack turn Now a in In The let X% the increased volume Fisher dollars of snack category. by category in roasted current our pounds. new to and points me sales. products. pound distribution line increased snack increase the QX, driven geographies, driven in total X% by and in oven was X% increase of

We sea reports, clean snack across We our snack have line of very and the the that lead differentiated products about of we great shipped There range believe our the Fried Fisher a offering excited a with it taste roast and QX. to velocity launch but the Roasted accounts, are to of Fisher major nuts. in a we've that a Roasted lead early first accounts Oven broad are in launch Oven extension. optimistic Fisher still nuts and and Oven brand Never just products The roasted of I is to is oven about line very gained line salt. such line. as QX. first mentioned, distribution was are shipped ingredient Roasted oven

X% which Orchard and strong driving category drove Additionally, items nut IRi. sets. pounds versus X% produce Valley XX% produce the last brand versus in retailers in Fisher the increased dollars volume. nut at is Orchard X.X adding within increased across reporting the point Harvest increased a XX% points year distribution sales reporting key types Harvest year. in pound department share of increased IRi shipping Total in declined nut snack what the in produce as by In at sales category while the and Pricing in are declines. dollars increased and X.X customers, captured non-IRi their sales the in Valley last of more leaders pound brand had beyond dollar QX, customer, all growth XXX%, to points

the salad launching Healthy and business that and products, worked success as Antioxidant Blend, challenging to Heart such along of We quarter, the teams multi-packs line core toppers have build Mix early both off coming profitable by our of our gained in continued closing, with with a expand second our has and some volume current hard build In our distribution. to distribution customers. new new

selling align with In raw we our action took better prices. costs to addition, material

a demonstrated QX. in result, a we turnaround As strong

While challenges, we volatile proven through face competitive quickly. our markets ability we've manage to

build company. and earlier Board this meeting. value all profitable, in brands, Southern growth are provide products our call, products and our and The acquired is We to reach for that consumer Style to portfolio Mix your Directors on announce and you of turn shareholder relevant, near employees priority to One create management an commitment bag Squirrel all JBSS Caramel especially at to Hunter thank in of way I in participation that now our happy of back the interest O'Hare over team Squirrel Mike. of key in you dedicated purchased expand newest call steadfast can of for opportunities the to focused continuing November. you. services our the our business my Antonio to now appreciate we develop brands. store products a that I'm airport branded and have We value-added consumers. to a I will your our find and week Pecans San on customers

Michael Valentine

to the queue Andrew, Thank can please first you, Jeff. At this question? you time, open we up questions. the will call

Operator

Company. Instructions] Pellegrino comes Sidoti line from question our first the Francesco & And with [Operator of

Francesco Pellegrino

quarters a be for quarter that to nice. third quarter. aren't nice very know all, supposed of third first So I

I the if those three the that that two? jump to quarter, was if those you're year. into release had for wondering those increases for types in able get the maybe rest for to performance get So being sort press and what like And and this of able two since obviously, nut pecan vertically on for increases was quarters. The the understand this you sort not integrated better and to for any the of strong the you're call, first price commentary conversations of look responsible the quarter? read-through discussed necessarily I want price walnut

Jeffrey Sanfilippo

in of we So Francesco, pricing our walnut we -- retailers, were quarter. third beginning so at middle of pricing able to get on to -- aligned take middle did program the

prices going that have quarter. better pecan fourth much as well. and We aligned We're aligned now into

Francesco Pellegrino

Got strong -- it. period. It guys third quarter, that you volume during third is quarter. a The the recognized low seasonal the it's demand

least much quarter. it, the volume to pound what Because that? So facilities. home that but I'm EBITDA might basis, it putting I not would pound per through initially, say your it's for, a really third for sort per way strong really, to wondering at XX% you when for was then on just higher than what at I'm did look of what was right probably EBITDA mom I manufacturing that drove nothing I about, traditional guys look calculating your probably

Michael Valentine

that, take Mike. I'll this is Francesco,

I really for think see that line, boost in that's can really as the income to EBITDA. operating the increase flows statement. in primary the gross improvement driver And income profit in that our came the the volume from down you

Francesco Pellegrino

label label product couple guess, I probably thinking -- for as I'll private was as what your the much of forward volume is, it volume private Well, sort touch growth in business grew branded for about a twice on I'm the going platform. then your growth of minutes and

half in think with mix upside you look Is private Fisher is quarter, nut there Because you're pound I some really as talking these were to what some of branded at initiatives, be seems as if could really, label per the way that strong this of numbers product regain third if you shift your But really of correct don't XXXX. to what the for about seeing guys want. given could this it the you it? EBITDA to be impressive. just recipe first business, was the So guys more

Michael Valentine

that want take please? you do question, Jeff, to

Jeffrey Sanfilippo

Sure.

some combination, think still We but of it's part Francesco. our going a key pieces. are still retailers. focused of private important So We value-added committed the strategic to it's brands business, on very a really our with we're

got on key larger take brand for able mixes, ours and build in third to right, for year a just Harvest. in we're Squirrel example, private however, especially, business, and focused into more But the for to Brand an So programs brand. is focus faster of our you're our as programs trail Fisher quarter distribution and advantage were our private Valley some building really well the we quarter and fourth in some But than Fisher branded this Orchard brand. we've going private recipe, great our 'XX, our snack fiscal place

So brands our well. and to of right, fiscal into lot key be we got and margin growth some with focus, QX 'XX going as for we've should up opportunities strong you're brands, a momentum those able into

Francesco Pellegrino

increase Valley in quarter, volumes a And volumes. quarter, come Last Orchard your you Harvest change shipment at now, now impressive. retail XXX% really and report OVH you was right the year-over-year in and third

new attributed distribution to how that was than much was gains. How product You gain volume introduction? distribution? probably much new it of to new due to of attributable And introduction

Jeffrey Sanfilippo

some the retailers front. distribution Francesco, Yes, of Mike, and answer lines. I I of if I in expanded both or product then would have new take the Howard's don't in don't if I don't some details you at that room. the know combination, can new know

Heart example, gains Antioxidant and and for the a new Healthy toppers, that there. some is salad the new So then relatively brand really launch, new marketplace of but distribution in is Mix product product launch

Francesco Pellegrino

change velocity you retail were much the -- pounds retail. Orchard shipment how shipment looks change how twice up think guys like change up? was at at -- just then the as it much It volume Harvest or Do at Valley I much Okay. up, and was looking would as the

that bit inventory potentially could getting what getting forward investor actually that going a some distribution. are sustained may Is maybe came a and be this but up, -- for those for that saying lot the actually and is of brand. little for Actually, investors concern to growth up backed from the Some be that way concerned could offers channel backed since it? an -- view right channels volume calm opportunity new

Jeffrey Sanfilippo

the new right it's where to retailers expanding would up we the launched. lines are view at and that it. gaining we've exactly distribution backing new retailers, That's inventory say way I not at product

Francesco Pellegrino

the number two little questions quarter. from the I just me. then see was balance that but shocked to for makes bit the great me have to as a more a then also inventory was number board $X actually quarter. where to authorize able realizing cash was is going flow quarter Like fourth a at backing be I in to And some the sheet, ask question, XXXX XXXX? going or first half really to there's that's we flow thought the third your for the size just on into really fourth I'm or number drawdown on fiscal third it because that going in is start quarter the of your determine to the of able free how going dividend of the special point you're strong into cash determine that maybe to be free

Michael Valentine

quarter. primarily the And but don't will nailed by declines the the first compared continue that quantities period quite fourth that, will Jeff. will tell see we Francesco, significant quarter year. driven walnuts prior will of and into in number lower I continue that definitely in take through have down, significantly our that to we you I same to inventory,

Francesco Pellegrino

the wrong. and you in you raw and second going -- I'm fourth of Because take third quarter if me your quarter. correct drawdown materials ownership that be various you're inventory Mike, But in

in not certain you're be more So any to for second inventory XXXX. nuts you're hand-to-mouth the going specific unless quarter until of bringing

better to around question sort a would able be have, mind what quarter? a -- asking this wrapped as fourth quarter third the conversation maybe it the me little be, compared or second bit your So about you to maybe should of for and the

Michael Valentine

third Well, would not in saw we that quantified But would yet. we in that forecast think particular as declines our we inventory -- see significant our fourth I again, quarter in think quarter. have I

Francesco Pellegrino

that not could any short nut drawdown a make particular Are you such occur?

Michael Valentine

and about a so from more the the As we'll quite take bit shelled were that quantities quickly. walnut on that than I'm prior lower our we approach rely I -- of just-in-time we draw more very talking buy mentioned, in will walnuts sellers, down are again, do we buy year, they that will And from we growers, a which more on other that. walnuts the

dollars we significantly our had year, the lower that this in be inventories two quarter, Walnut quarter will last in fourth first and So in upcoming again, quarters.

Francesco Pellegrino

-- significant in of you headwind as walnuts the season, sell the you holiday baking -- a where have seller product go get and of fall spot of great sales, you're the ahead aren't are season? to be necessarily If that walnut the overall contributor can first where to to as XXXX, volume the out you half buy a into knowing volume and desirable walnuts shelled that to season, more the a walnuts for market this a

Michael Valentine

a exports this been down primarily anticipating walnut record also entire walnut crop we're Well, And shipments, have crop. year.

So very out walnut favorable we a there. market have

So walnuts. from we headwinds don't anticipate any

Francesco Pellegrino

where price won't position sellers gouging out there from knowing be any for walnuts? is potentially So your just inventory there

Michael Valentine

said, shipments big with and prevent to down coming will crop the don't the I I are Like way, sellers. expect to our significantly with and kind think Well, be be handlers case. any I anxious of that aggressive losses all

Francesco Pellegrino

years Only now high sort that's walnuts down a seems came of you. the hurt acquisition if thing, on of cost, you're know long to a just ago, couple it as it at that And of inventory sellers before you the in, other to benefit just and to rid sense. which might new their of the get makes in trying coming from crop be comes sort strong crop able

Michael Valentine

a very record Yes. well walnut for crop I'm are we not this a but coming predicting here, positioned windfall fall.

Operator

Bibb with the comes line Craig of next from our And question Securities. CJS

Craig Bibb

are already. on short. as call, I I a products total to apologize that jump you have too may branded said from percentage if But had my another of questions sales, the

Jeffrey Sanfilippo

you, for that get Craig. we'll Yes,

we'll to next back go want question, get You to here and on that... your

Craig Bibb

Sure. Harvest, out, just of guys you lot there. are Orchard doors a parts Valley moving blowing are the but there

of Orchard did So And today? Valley year-over-year? how much grow is Harvest than what ACV that percentage

Jeffrey Sanfilippo

that Orchard say actually relatively Valley small. So going -- to ACV yes, Harvest is ACV is I was

expand gaining brand. for There there really huge It's some So our are opportunities traction -- key we're of lot. distribution on opportunities Valley of still are Valley Harvest upside now retailers, but just with Orchard Orchard to the Harvest.

Craig Bibb

But now it's we? like XX% of or are ACV where

Jeffrey Sanfilippo

there. Let's don't if number. know that have see, if I Howard's I

Michael Valentine

No, he not. is

Jeffrey Sanfilippo

Okay.

me in it my Let had if see notes. I

Michael Valentine

for Craig. looking that, Jeff's Well,

So same that's due we've private of last are And the is channel. offset that slippage year-to-date sales XX% those total a consumer to to in XX% in are the sales total volume -- percent branded again, compared as primarily the branded. of the increased That that's percentage in on as growth label year. our -- period had

Craig Bibb

channel. In the consumer

Okay. to then, Great. would is -- likely to not a -- And Or continue that That's there the are in could you label, talk lap trend increase is private you you grow? about? as that helpful. branded

Jeffrey Sanfilippo

grown distribution, We've fisher retailers. especially with new recipe Yes.

expanding spite we retailer distribution retailers. gained significantly with other in new their private of So the key major recipe brand nut program,

market shift So we do with other private share brand making up anticipate that retailers.

Craig Bibb

all Okay. still for also that stores small are looking being is a Or rolled Valley and at I'm I'm stores is pretty Orchard of out? is just multi-packs Harvest? percentage salad the in assuming toppers ACVs. percentage the that of

Jeffrey Sanfilippo

Correct.

-- relatively all this across past successful really was been new our year. distribution. Now just within multi-pack a this Salad has toppers of very launch

it now started out in we're and club expanding typical retailers. we So channel, to

successful of just interest got So anticipate a again, there's distribution, we to opportunities but in stages, general. very, expand lot very salad toppers. salad lot in very we've of toppers and a It's and early been there's

Craig Bibb

Okay.

you of so right numbers I don't in you. have the front know And

your sales must percentage ACV, of went up have increased ACV I So per the and assume given your also? results then

Jeffrey Sanfilippo

I of it's -- road, definitely, stable, some those expanded. but the in increase yes stable. would I Correct, was say numbers of me. distribution say on have wouldn't -- front we yes. velocity the points velocity, I Well, so don't relatively is velocity total of but I'm

Craig Bibb

the nuts And last you distribution retailer? earlier, one Fisher lost the just and on the touched the for latest at on large this the probably but recipe

Jeffrey Sanfilippo

can worked There to were private we've large with that expand. how that with faced brand look So were at program. retailer challenges new we their some

season. size, of small sizes, their especially weight For that eliminated lot the outside of consumers the example, a holiday for ounce they look pack and

to made pack retailers retailer, reinitiate expanding private But for major shift with again. overcome try that additional that addition, it's recipe up of those major of to brand some some to retailer, at Fisher together working our we're so in sizes of that And retailer. that adding really distribution in again, smaller

Craig Bibb

that that they're you private someone any was going else's label. have -- That's label? -- private reallocated shelf the to do not that's In Or label to space -- remain private Okay. chance... to continuing

Jeffrey Sanfilippo

It's private to correct. going brand, continue

complete private to up program will with negative in some place some shelf ounce of that making products for some move Fisher took changes to of weights. recipe We brand space they once be a due the that

Craig Bibb

there? But have the you still packs large

Jeffrey Sanfilippo

Correct. yes. Correct,

Operator

[Operator question line Instructions] Asset our Eagle And next comes Dustin the with of Management. from Henderson

Dustin Henderson

you question. tariffs guys that Just have about is one worrying China? in quick Anything

Jeffrey Sanfilippo

go yes, -- have We ahead, Mike.

Michael Valentine

Okay.

term, call least from could So reduction that demand almonds would that the course, any in that long the wars benefit us, be we we in at we in near short anyone. arises run, for tariffs But, the But think of positive. in term, on a China think especially, and beneficial don't pecans. trade

Dustin Henderson

Just here because something? to or more you'd have sell

Michael Valentine

Right...

Jeffrey Sanfilippo

but close and taking Correct. a pecans. importer It of They're XX% would major pecans to is -- the significantly, almonds, the to of reduce crop. China XX%

if for impact unshelled we of price could you'll would in to pecans see And have U.S. anticipate, the negatively year. pecans, less growers mean and which exports have to so, find to Mexico find crop coming this the China those tariffs to going effect, which homes

Operator

And I'm further showing no questions.

I that, closing back would to over Michael with Valentine remarks. call to turn So for like the

Michael Valentine

in their everyone to for fiscal concludes Thank thank our results. the you, This Andrew. operating quarter third Again, for we'd JBSS. XXXX call like interest

Operator

thank And does wonderful conclude you gentlemen, may for a the Everyone, have day. conference. participating This program. all in Ladies disconnect. and today's you

John B. Sanfilippo & Son (JBSS) 6 May 182018 Q3 Earnings call transcript