Stock Track | Marzetti Stock Soars 6.32% Pre-Market on Strong Q1 Earnings Beat and Record Sales

Stock Track11-04

Shares of Marzetti (MZTI) are surging 6.32% in pre-market trading on Tuesday following the company's impressive first-quarter financial results that exceeded analyst expectations. The food processing company reported record sales and higher net income, demonstrating robust growth across its business segments.

Marzetti announced Q1 earnings per share of $1.71, up from $1.62 in the same period last year and surpassing the FactSet consensus estimate of $1.70. The company's net sales for the quarter reached $493.5 million, marking a 5.8% increase year-over-year and beating analyst projections of $474.3 million. Notably, adjusted consolidated net sales rose 3.5% to $482.8 million, excluding non-core sales from a temporary supply agreement.

The strong performance was driven by growth in both the Retail and Foodservice segments. Retail segment net sales increased 3.5% to $247.8 million, while Foodservice segment net sales grew 8.2% to $245.6 million. Marzetti's adjusted operating income also saw a significant boost, rising 8.1% to $60.4 million. The company's gross profit increased by $8.0 million to $118.8 million, with adjusted gross margin improving by 0.8 percentage points to 24.6%. These results reflect the success of Marzetti's ongoing cost savings programs and higher sales volumes, despite a $1.1 million restructuring charge related to a facility closure.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment