Armanino Foods of Distinction (OTC:AMNF) Stock In Focus After First Quarter Earnings
Every day, a number of companies announce their financial results as the earnings season continues at full tilt, and the situation remained the same on Tuesday. However, it is also imperative for investors to be selective about the earnings of companies that they wish to see in greater detail. One of those companies that could warrant attention today is Armanino Foods of Distinction Inc. (OTC:AMNF), which announced its financial results for the first fiscal quarter, which ended on March 31, 2024, yesterday.
The company reported net sales to the tune of $15,720,317 for the quarter, which reflected a drop of 4% from $16,351,866 in the prior year quarter. The income before taxes for the quarter stood at $3,116,504 as opposed to $2,561,406 in the corresponding period in 2023. It reflected a year-on-year rise of 22%.
Armanino Foods of Distinction recorded net income of $2,318,683 for the quarter, which worked out to a year-on-year rise of 22% from the net income of $1,902,069 in the prior-year period. It was the highest quarterly profit that had ever been recorded by the company, and it was also the 83rd straight quarter in which Armanino Foods of Distinction declared a profit.
The total current assets under the company’s control went up by around 3% to hit $36.9 million in comparison to $35.6 million in the previous quarter. The rise had primarily been brought about by the persistent strength of the profits generated by Armanino Foods of Distinction and the record-breaking profits in the first fiscal quarter. The president and chief executive officer of the company, Tim Anderson, spoke about the performance. He noted that the company continued to take advantage of the improvement in margins, which was reflected in its record-breaking profits for the quarter.
