Armanino Foods of Distinction Inc (OTCMKTS:AMNF) Reports Highest Ever Sales for Q3
After it reported strong performance in the three month and nine month periods that had ended on September 30, 2022 this past Friday, the Armanino Foods of Distinction Inc (OTCMKTS:AMNF) came into the news cycle. The company noted that it had recorded the highest quarterly sales, the highest year to date sales in the nine month period and profits for those periods in its history.
Trading Data
On Friday, AMNF stock ended flat at $3.5600 with 31.15K shares, compared to volume of 23.46K shares. The stock moved within a range of $3.5100 – 3.6000 after opening trade at $3.6000.
Armanino Foods of Distinction, Inc. Reports Highest Ever Sales for Third Quarter and the Highest Ever Sales and Profits for the Nine Months Ended September 30, 2022
The stock may come into focus today and hence, it may be a good idea for investors to consider taking a closer look at the numbers. In the third quarter, the company had managed to generate net sales of as much as $15,400,353 and that reflected a rise of as much as 30% from the net sales of $11,857,707 in the prior year period.
On the other hand, the income generated by Armanino Foods before taxes in the third quarter came in at $2,055,215 and that worked out to a boost of 2% from the figure of $2,006,080 in the prior year period. The net income for the period had been $1,553,742 and that worked out to a year on year rise of 4% from the $1,498,542 in the corresponding quarter in 2021.
Key Quote
Tim Anderson, President and CEO of Armanino Foods commented, “We are proud to report another record-breaking year with year-to-date sales through Q3 surpassing last year’s record results for the entire year. We also posted the highest year to date profits through Q3 in our Company’s history. This quarter’s results reflect continued sales momentum that includes penetrating new sales channels and further diversifying our customer portfolio. It also achieved the second highest quarterly sales on record, with profits greater than the same period last year despite macroeconomic challenges and industry headwinds. Those challenges and headwinds consisted primarily of elevated cost of goods sold (COGS) caused by higher commodity costs throughout 2022. It appears, though, that some of those costs have started to normalize over the past few weeks. The impact of these sustained inflationary pressures have been mitigated by the reduction of our controllable costs as a percentage of net sales on a year-to-date basis.”
Traders Corner
AMNF stock is trading above the 20-Day and 50-Day Moving averages of $3.54 and $3.53 respectively. below, the stock is trading above the 200-Day moving average of $3.43.
