
Armanino Foods Reports Record Sales, Profits & $12M Buyback
Armanino Foods of Distinction, Inc. (OTCQX: AMNF) has announced record-breaking financial results for both the fourth quarter and the full year of 2024. The company reported the highest quarterly and annual sales and profits in its history, marking the third consecutive quarter of record-setting results. Additionally, Armanino Foods has extended its impressive streak of consecutive profitable quarters to 85, further cementing its status as a consistent performer in the specialty food industry.
In a move reflecting strong confidence in the company’s future, the Board of Directors authorized a $5 million increase to the existing stock buyback program, bringing the total authorized amount from $7 million to $12 million. This program allows the company to repurchase shares of its common stock through various means, including open-market transactions, block trades, and private transactions, in accordance with legal requirements. As of February 28, 2025, the company has utilized $3.2 million under the program, leaving an additional $8.8 million available for further stock repurchases.
Douglas R. Nichols, Chairman of the Board, expressed enthusiasm for the buyback program expansion, stating, “The Board is pleased to announce this $5 million increase to the company’s stock buyback program. This decision reflects the Board’s confidence in management’s ability to continue to operate at high levels and deliver strong results for the long-term, as evidenced by the financial results disclosed within this earnings release.”
Financial Performance Overview
Armanino Foods achieved net sales of $18.5 million in the fourth quarter of 2024, representing a 15% increase from $16.1 million in the same period the previous year. Income before taxes in Q4 2024 was $5.6 million, a remarkable 65% increase compared to $3.4 million in Q4 2023. Similarly, net income for the quarter surged 62%, reaching $4.2 million (or $0.13 per share), compared to $2.6 million (or $0.08 per share) in the prior year’s fourth quarter. On a per-share basis, this reflects a 63% increase.
For the full year ending December 31, 2024, Armanino Foods reported net sales of $69.4 million, up 9% from $63.6 million in 2023. The company’s income before taxes stood at $19.4 million, marking a 66% rise from $11.7 million in the prior year. Annual net income for 2024 reached $14.4 million (or $0.45 per share), compared to $8.8 million (or $0.27 per share) in 2023, translating to an increase of 64% in net income and 67% per share. The company intends to report its 2024 audited results in a timely manner, adhering to OTCQX guidelines.
Strong Financial Position
Armanino Foods continues to maintain a solid financial standing, with net working capital reaching an all-time high of $26.6 million as of December 31, 2024. This represents a 14% increase from $23.4 million at the close of 2023. The company’s total current assets grew by $6.4 million (or 18%), reaching $42.0 million at the end of Q4 2024, compared to $35.6 million at the same point in 2023. This increase in assets was primarily driven by strong sales and profitability.
However, the company’s current liabilities also rose by $3.2 million (or 26%), totaling $15.4 million at the end of Q4 2024, compared to $12.2 million a year earlier. The increase in liabilities was primarily due to a higher market valuation of the company, leading to increased accruals for its Phantom Stock incentive program.

Operational Excellence and Strategic Growth
Edgar Estonina, Armanino’s Chief Financial Officer and acting President and CEO, expressed pride in the company’s outstanding performance, stating, “We are very proud of our record-breaking performance this year. We have consistently shattered our annual year-over-year sales and profits for a second consecutive year, and for three consecutive quarters, we have achieved the highest quarterly sales and profits ever recorded.”
Estonina credited the company’s success to a combination of effective sales strategies, operational efficiencies, and prudent cost management. Key factors contributing to this performance included improved procurement processes for raw materials, as well as enhanced manufacturing efficiencies driven by the company’s ongoing capital improvement initiatives. The company also benefited from one-time financial gains in the fourth quarter, such as refunds from previous trade spend deductions and volume discounts related to raw material procurement.
Looking ahead, Estonina acknowledged potential challenges within the industry, stating, “We remain somewhat cautious in the near term as we believe there is some indication of an industry slowdown. To mitigate the potential for lower demand, we will continue to seek further operational efficiencies to enhance our already low-cost structure and pursue competitive pricing for our supplies and raw materials.”
Despite industry uncertainties, Armanino Foods remains optimistic about its future. The company is committed to making strategic investments that will drive profitable growth, focusing on expanding its product portfolio, entering new markets, improving operational efficiencies, and exploring potential acquisitions.
Product Portfolio and Market Presence
Armanino Foods of Distinction, Inc. is an internationally recognized food company specializing in the manufacturing and marketing of high-quality frozen Italian specialty food products. The company’s product line includes an array of flavorful pestos, sauces, and filled pastas, catering to the foodservice, retail, and industrial markets.
Armanino’s flagship product is its classic Basil Pesto, but the company has also developed a diverse range of innovative flavors to meet consumer demand. These include Cilantro, Dried Tomato & Garlic, Roasted Red Bell Pepper, Southwest Chipotle, Artichoke, Roasted Garlic, Light Basil Pesto, Chimichurri, Harissa, Bolognese, Alfredo Sauce, Creamy Garlic, and Romesco. The company continues to focus on product innovation to strengthen its market presence and drive future growth.
With a track record of consistent profitability, strong financial health, and a commitment to operational excellence, Armanino Foods of Distinction, Inc. remains well-positioned to navigate potential market challenges and capitalize on future opportunities. As the company moves forward, it aims to sustain its momentum by leveraging its strengths, optimizing efficiencies, and strategically expanding its business in the competitive food industry.