실적분석 Marzetti ($MZTI) Fiscal 2026 Q4 Earnings Analysis — Adjusted EPS Beat, Revenue Miss, Modest After-Hours Decline
Earnings Scorecard
Revenue: $465 million (-2.2% YoY, estimate $476 million) ❌ Miss
EPS: Adjusted $1.46 (estimate $1.40, GAAP diluted $1.76) ✅ Beat
Guidance: New — Fiscal 2027 modest commodity inflation to be offset by pricing and cost savings; continued margin expansion
Stock reaction: After-hours -0.66% ($115) — as of 19:55 KST, 08-25
The Positives
Adjusted EPS: $1.46, beating the $1.40 estimate (+9.0% YoY)
Gross profit and margin: Gross profit of $114 million, a Q4 record; gross margin at 24.5% (+2.2 percentage points)
Bachan's acquisition: The newly acquired barbecue sauce brand contributed $15.4 million in retail revenue
The cost-savings program lifted margins, and Bachan's, acquired in May, filled part of the retail growth gap. Texas Roadhouse Rold Gold retail sales-data showed strong quarterly revenue growth, supporting the portfolio.
The Negatives
Revenue: $465 million, missing the $476 million estimate (-2.2% YoY)
Foodservice: Reported revenue -5.3%, and roughly flat (-0.1%) even excluding a temporary supply contract
One-time gains: A $18.5 million gain from the Milpitas real-estate sale lifted operating profit and net income
Retail was weighed down by the lapping of last year's club-channel inventory build and weakness in certain product lines. Part of the Bachan's purchase price was funded by a $200 million loan, adding new interest expense.
What Management Said
The CEO highlighted the Q4 gross profit record and margin improvement, noting that Bachan's contributed to retail momentum. For Fiscal 2027, Bachan's and new products are expected to support retail, while commodity inflation will be offset by pricing and cost savings to sustain margin expansion.
Market Reaction and Key Things to Watch
With revenue falling short of estimates and a sizable real-estate sale gain flowing through net income, buying appetite was muted after-hours despite the adjusted EPS beat.
How much Bachan's acquisition impact offsets weakness in existing retail brands
The impact of Fiscal 2027 commodity and pricing pass-through on margins
The lingering effect of the cyclospora (foodborne parasite) issue on product demand
Disclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
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