MOUNT LAUREL, N.J. - J & J Snack Foods Corp. (NASDAQ: JJSF), a prominent player in the snack food and frozen beverage industry, has announced the appointment of Shawn Munsell as the new Chief Financial Officer, effective December 2, 2024. Munsell succeeds Ken Plunk, who will retire by the end of the year but will remain involved to facilitate a smooth transition.
Shawn Munsell brings over 15 years of experience in finance and operating leadership from his work with U.S. publicly listed companies in the food and agriculture sectors. His most recent role was the Chief Financial Officer at Calavo Growers (NASDAQ: NASDAQ:CVGW). At Calavo, he led the restructuring of the finance organization and spearheaded initiatives that supported earnings growth, including strategic divestitures and the implementation of new financial systems aimed at enhancing profitability.
Before his tenure at Calavo, Munsell served in several senior positions at Tyson Foods (NYSE:TSN), including Senior Vice President of Finance and Accounting for their poultry division and Vice President and Treasurer, where he managed the company's capital structure and oversaw stock repurchases. His career began at CF Industries (NYSE:CF), where he held various roles, including Vice President of Financial Evaluations & Corporate Treasurer. Munsell is an alumnus of the University of Michigan - Flint and holds an MBA from The University of Chicago Booth School of Business.
Dan Fachner, Chairman, President, and CEO of J & J Snack Foods, expressed confidence in Munsell's ability to contribute to the company's strategic initiatives, emphasizing his financial rigor and operational expertise. Munsell himself expressed enthusiasm about joining J & J Snack Foods and the opportunity to drive sustainable growth and deliver value to stakeholders.
J & J Snack Foods is known for its diverse portfolio of snack and beverage brands, including SUPERPRETZEL, ICEE, SLUSH PUPPIE, and Dippin' Dots, among others. The company has established a strong presence in the foodservice and retail segments over its fifty-year history.
This leadership change comes as J & J Snack Foods continues to focus on innovation and market expansion. The information about Munsell's appointment and his professional background is based on a press release statement from J & J Snack Foods Corp.
In other recent news, J&J Snack Foods reported a strong performance for fiscal 2024, with record annual sales and a notable 10.2% increase in adjusted EBITDA. The company's adjusted EBITDA margins also improved to 30.9%. Despite facing challenges such as inflation and consumer uncertainty, the company experienced growth across key segments and operational efficiency gains. In the face of CFO Ken Plunk's upcoming retirement, the company plans to appoint a new CFO.
J&J Snack Foods aims to improve its gross margin to over 31% in fiscal 2025, with a medium-term goal of reaching the mid-30% range. The company also projects potential to double sales in the retail segment, particularly with Dippin' Dots and new product offerings. Despite a decrease in sales during the fourth quarter, the company showed resilience in sales growth overall.
These are among the recent developments for J&J Snack Foods, a company that continues to demonstrate robust performance despite a dynamic consumer environment.
InvestingPro Insights
As J & J Snack Foods Corp. (NASDAQ: JJSF) welcomes Shawn Munsell as its new CFO, investors may find additional context from recent financial metrics and expert insights. According to InvestingPro data, JJSF boasts a market capitalization of $3.21 billion, reflecting its substantial presence in the snack food and frozen beverage industry.
The company's commitment to shareholder value is evident in its dividend history. An InvestingPro Tip highlights that JJSF has raised its dividend for 21 consecutive years, demonstrating a strong track record of returning value to investors. This consistent dividend growth, coupled with a current dividend yield of 1.89%, may appeal to income-focused investors.
From a profitability standpoint, JJSF has maintained a positive trajectory. The company's revenue for the last twelve months as of Q4 2024 stood at $1.57 billion, with a gross profit margin of 30.87%. Another InvestingPro Tip notes that the company has been profitable over the last twelve months, which aligns with the narrative of stable financial performance mentioned in the article.
As Munsell steps into his new role, he will be navigating a company that operates with a moderate level of debt and has liquid assets exceeding short-term obligations, according to additional InvestingPro Tips. These factors could provide financial flexibility as the company pursues its growth strategies under new financial leadership.
For investors seeking a more comprehensive analysis, InvestingPro offers 8 additional tips for JJSF, providing a deeper dive into the company's financial health and market position.
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