Armanino Foods of Distinction, Inc. (OTCQX: AMNF) reported record-breaking quarterly and year-to-date sales and profits for the third quarter ending September 30, 2024. This marks the second consecutive quarter of unprecedented results, continuing a profitability streak for the 84th quarter in a row.
For Q3 2024, net sales reached $17,667,112, reflecting a 10% increase compared to $16,080,357 for the same period in 2023. Income before taxes saw an impressive jump of 81%, reaching $5,514,502, up from $3,050,210 in Q3 2023. Net income for the quarter was $4,102,730 (or $0.1280 per share), compared to $2,263,971 (or $0.0706 per share) in the same period last year, marking another 81% increase.
In the first nine months of 2024, Armanino’s net sales totaled $50,868,879, a 7% rise from $47,468,553 for the same period in 2023. Income before taxes for this period was $13,744,171, up 65% from $8,318,451 in 2023. Net income also surged by 65%, reaching $10,225,474 (or $0.3189 per share) compared to $6,188,927 (or $0.1930 per share) in the prior year.
The company’s net working capital as of September 30, 2024, grew 6% to $24,948,127, up from $23,481,237 at the end of 2023. Total current assets rose by 11%, amounting to $39,420,830, driven by strong operating performance. However, current liabilities increased by 19%, reaching $14,472,703, largely due to timing differences in payments related to accounts payable, contract liabilities, and payroll.
Tim Anderson, President and CEO of Armanino Foods, expressed pride in the company’s performance, noting that profits through Q3 2024 had significantly outpaced prior year results, even surpassing total annual profits for 2023. Anderson attributed the success to improved procurement strategies, capital improvement projects, and efficiency gains in manufacturing, which have led to margin improvements.
While Anderson acknowledged potential industry slowdowns, he remained confident in Armanino’s strategy. The company plans to further diversify its sales channels and introduce innovative products to stay competitive. Armanino also aims to enhance operational efficiencies to maintain its low-cost structure in the face of potential lower demand and increased competition on pricing.
Looking ahead, Anderson emphasized the company’s strong financial position and commitment to growth through new products, market expansion, and potential acquisitions.
Armanino Foods of Distinction, Inc. is an international food company specializing in frozen Italian specialty foods, including pestos, sauces, and filled pastas, which it sells to the foodservice, retail, and industrial markets. The company’s product line includes a variety of pesto flavors, sauces such as Alfredo and Bolognese, and frozen pastas and meatballs. Armanino also offers an organic basil pesto and a range of prepared meals.
