J & J Snack Foods Corp. (JJSF) reported that its net earnings for the first quarter ended December 26, 2020 dropped to $1.8 million or $0.09 per share from $17.1 million or $0.89 per share last year.
Operating income decreased 97% to $578 thousand in the quarter from $21.7 million last year. Operating income was impacted by approximately $730 thousand of COVID-19 related costs. The latest-quarter benefited from a $420,000 tax benefit related to share based compensation contributing to an effective tax rate of 8%.
Sales decreased 15% to $241 million from $282.9 million in last year's first quarter.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.20 per share and revenues of $228.45 million for the first-quarter. Analysts' estimates typically exclude special items.
The company continues to be optimistic and remain confident that it is well positioned for future growth.
JJSF closed Monday regular trading at $156.89 up $3.80 or 2.48 percent. But, in the after-hours trading stock down $14.89 or 9.49 percent.
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