Jan. 25, 2018 | Earnings Reports
Highlights (vs. year-ago, third quarter results):
- Net sales increased $23.0 million, or 6.2% to $392.7 million.
- The increase in sales attributed to favorable sales mix and higher selling price variance of $34.5 million partially offset by a sales volume decrease of $11.5 million.
- Results for the quarter include the Truitt Bros., Inc. acquisition which contributed $28.2 million in net sales.
- Net earnings decreased to $7.7 million or $0.78 per diluted share.
- A tax rate change occurred during the quarter which reduced the tax provision by $3,040,000 due to the recently passed Tax Cut and Jobs Act.
“Due to a significant LIFO charge for the quarter and nine month periods, we are reporting slightly lower earnings than the prior year periods. FIFO net earnings and sales are up compared to the prior year. Overall, operating earnings, excluding LIFO and plant restructuring charges, are ahead of the prior year,” stated Kraig Kayser, President and Chief Executive Officer.