Armanino Foods of Distinction Inc (OTCMKTS:AMNF) Stock In Watchlist After Earnings Update

Headquartered in California, Armanino Foods of Distinction Inc (OTCMKTS:AMNF) is engaged in the production and marketing of frozen food products in the United States. The firm offers Italian-style beef and pork, gourmet beef as well as smoked turkey meatballs. Additionally, it provides grated parmesan, three cheese blend cheese as well as various pesto-like basil, cilantro, dried tomato, and garlic amongst others. Armanino also gives frozen pasta, including cheese manicotti, beef cannelloni, cheese stuffed shells, pasta sheets, cheese tortellini, potato gnocchi, and tricolor cheese tortellini. The company also markets the products through food brokers and sells them to foodservice distributors and industrial accounts.

Market Stats

On Monday, AMNF stock moved up 0.59% to $3.42 with more than 80K shares, compared to its average volume of 13K shares. The stock moved within a range of $3.4000 – 3.5000 after opening trading at $3.41.

Armanino Foods of Distinction, Inc. Reports Highest Ever Quarterly and First Half Sales and Profits

Armanino Foods of Distinction Inc on July 18 reported the highest quarterly as well as first-half sales and profits for the period ending June 30, 2022. The company continued the streak of seventy-six consecutive quarters of profitability.

The company’s net sales for quarter two were$16,324,541 vis-à-vis $10,741,975 for the same period last year, a surge of 52%. The income before taxes for the second quarter was $2,846,241 as compared to $1,724,756, an increase of 65%. Armanino’s net income for the period was $2,151,758, as compared to $1,321,163 for the same quarter a year ago, an increase of 63%.

For the six months of 2022, the company’s Net sales were$28,755,294, an increase of 43% over the same time period of last year. Its Net income for the same time was $3,604,221, which was higher by 48% over the previous year.

Tim Anderson, President, and CEO of Armanino Foods said that the results demonstrate record quarter and first half sales as well as profits. Anderson added that it also shows four consecutive quarters of record net sales. Furthermore, the CEO said that profit margins as a percentage of both net and gross sales for the quarter are growing, highlighting the firm’s ability to manage the cost structure despite inflationary pressures. The company is optimistic that despite the significant economic headwinds, the net effects will be mitigated by the continued success in executing long-term strategies. Anderson is confident in navigating the current economic environment as well as other market conditions.

Anderson concluded that the company is committed to structurally enhancing the operating model for better positioning with new products, markets as well as potential acquisitions.

Armanino Foods of Distinction, Inc. Announces Regular Quarterly Dividend

Armanino Foods of Distinction Inc on June 15, 2022, announced that the Board of Directors has declared a regular quarterly cash dividend of $0.03 per share. This dividend would be payable to shareholders of record on July 8, 2022, and would be disbursed around July 30, 2022. This is the firm’s 88th consecutive quarterly dividend. Furthermore, the company had done ten special dividends.

Douglas R. Nichols, Chairman of the Board said that due to the recent performance as well as the anticipated pace of profits, the company is confident in its financial position. Nichols also said that Jim Gillis has stepped down from the Board for pursuing transcontinental opportunities.

Traders Corner

AMNF stock is trading above the 20-Day and 50-Day Moving averages of $3.42 and $3.41. Moreover, the stock is trading above the 200-Day moving average of $3.36.