John B. Sanfilippo & Son, Inc. (NASDAQ:JBSS) Q2 2024 Earnings Conference Call February 1, 2024 10:00 AM ET
Company Participants
Jeffrey Sanfilippo - Chief Executive Officer
Frank Pellegrino - Chief Financial Officer
Conference Call Participants
Nick Otton - CWB Wealth
Lance James - RBC Global Asset Management
Operator
Good day, and thank you for standing by. Welcome to the John B. Sanfilippo & Son Second Quarter Fiscal 2024 Operating Results Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your first speaker today, Jeffrey Sanfilippo, CEO. Please go ahead.
Jeffrey Sanfilippo
Thank you, Victor. Good morning, everyone, and welcome to our 2024 second quarter earnings conference call. Thank you for joining us.
On the call with me today is Frank Pellegrino, our CFO.
We may make some forward-looking statements today. These statements are based on our current expectations and they involve certain risks and uncertainties. The factors that could negatively impact results are explained in the various SEC filings that we have made, including Forms 10-K and 10-Q. We encourage you to refer to the filings to learn more about these risks and uncertainties that are inherent in our business.
Starting with overall corporate performance, we delivered a record second quarter net sales of $291 million. This beats the previous Q2 sales record of $279 million in fiscal 2016. In addition, we delivered a very strong 13.1% increase in diluted earnings per share, which includes the dilutive impact of the Lakeville acquisition.
This was a significant quarter for our company, as it represents the first quarter of financial results that includes our recent Lakeville acquisition. The Lakeville business increased our quarterly sales volume by 11.6 million pounds or 14.4% over the second quarter of fiscal '23, and increased quarterly net sales by approximately $28.7 million or 10.5% over the second quarter of fiscal '23.
We also sold approximately $1.9 million of our own internally-developed nutrition bars, which compliments the snack bars produced in Lakeville. Furthermore, at the beginning of December, we completed key integration steps for the Lakeville acquisition and have begun optimizing the facility's operations. We're in a great position to grow our business in the Lakeville plant and we've our first major customers visiting the manufacturing facility in the coming months.