Core Points - China's commerce ministry has initiated an anti-dumping investigation into pecans imported from the United States and Mexico, indicating rising global trade tensions [1] - The investigation is expected to conclude by September 25, 2026, with preliminary evidence suggesting that U.S. and Mexican pecans were sold at prices lower than their normal value, causing material injury to China's domestic industry [2] - China has also launched an investigation into Mexico's proposed tariffs on various goods, which it claims will harm trade partners and reduce investment confidence [3] Trade Relations - The Chinese commerce ministry criticized unilateralism and protectionism, emphasizing the need for countries to oppose such measures collectively [4] - Analysts suggest that China's actions are a response to Mexico's planned tariffs, viewing it as Mexico yielding to U.S. pressure [5] - By including both U.S. and Mexican pecans in the same investigation, China may create leverage for Mexico to gain a competitive advantage in its market [6] Economic Context - The trade relations between China and the U.S. are becoming increasingly unpredictable, with China adding six U.S. firms to its export control and unreliable entity lists [6]

Financial Performance - JBSS's net sales reached approximately $1.07 billion in FY24[6] - Diluted EPS was $5.15 in FY24[11] - Pounds sold increased from 240.4 million in FY14 to 346.6 million in FY24, a CAGR of +3.7%[11] - Gross profit margin was 20.1% and operating income margin was 8.0% in FY24[12] - Average daily stock price increased from $23.39 in FY14 to $101.65 in FY24, a CAGR of +15.8%[13] - Net working capital increased by 22.6% from $137.143 million in FY14 to $168.145 million in FY24[27] Sales and Distribution - Consumer channel accounted for 82% of net sales, totaling $1.07 billion in FY24[34] - Commercial Ingredients channel contributed $110 million in net sales, a decrease of 10%[38] - Contract Manufacturing net sales were $84 million, down 8%[42, 44] - JBSS brands make up 15% of net sales in FY24[88] Strategic Initiatives - JBSS acquired certain assets including inventory and a manufacturing facility in Lakeville, Minnesota for approximately $59 million in September 2023, adding approximately $120 million in net sales in FY24[32] - The company is focused on expanding consumer reach through e-commerce and club channels[64]