J&J Snack Foods Corp., the company behind SuperPretzel soft pretzels and Luigi's Italian ice desserts, said that its net income rose 47 percent for the fiscal third quarter, aided by a gain on the purchase of a business.
Net income climbed to $23.3 million, or $1.24 per share, for the quarter ended June 25, from $15.9 million, or 89 cents per share, in the year-earlier period.
The latest quarter included a $6.6 million gain on a "bargain purchase" of a business, the company said, without identifying the business. J&J had said in April that it expected to complete the purchase of several frozen food lines from ConAgra Foods Inc. in May for an undisclosed sum.
J&J said it would have reported earnings of $16.7 million, or 89 cents a share, without the gain.
On that basis, analysts were expecting earnings of 84 cents a share, according to FactSet.
Revenue rose 9 percent to $206.3 million, beating analysts' estimates of $204.2 million. A year earlier, J&J posted revenue of $189.7 million.
Gerald B. Shreiber, J&J's president and CEO, said "a particularly strong performance by our Icee group highlighted the quarter."
The company's shares lost 40 cents to close at $50.73 before the earnings were released.