Smucker: fiscal year end results

Smucker: fiscal year end results
26 Feb 2021

The J.M. Smucker Co. announced their results for the third quarter ended January 31, 2021, of its 2021 fiscal year. Net sales increased with 5%.

Financial results for the third quarter and the first nine months of fiscal year 2021 reflect the divestiture of the Crisco® business on December 1, 2020, and the divestiture of the Natural Balance® business on January 29, 2021. All comparisons are to the third quarter of the prior fiscal year, unless otherwise noted.

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EXECUTIVE SUMMARY

  •  Net sales increased $104.4 million, or 5 percent. Net sales excluding the noncomparable divested businesses and foreign currency exchange increased 7 percent, reflecting growth across each of the Company’s U.S. and International retail businesses, partially offset by a decline in its Away From Home business.
  • Net income per diluted share was $2.32. Adjusted earnings per share was $2.45, an increase of 4 percent.
  • Cash from operations was $486.3 million, a decrease of 7 percent. Free cash flow was $416.6 million, compared to $465.1 million in the prior year.
  • Return of capital to shareholders was $600.3 million, including cash dividends and share repurchases.
  • The Company increased its full-year fiscal 2021 net sales, adjusted earnings per share, and free cash flow outlook.

CHIEF EXECUTIVE OFFICER REMARKS

“We delivered another quarter of strong financial results, including net sales growth in each of our U.S. and International retail businesses, driven by the elevated at-home consumption trends and ongoing execution of our consumer-centric strategy,” said Mark Smucker, President and Chief Executive Officer. “We are encouraged by the momentum we are building in our brands and continued improvement in our market share trends. I want to thank all our employees for their commitment to delivering food for consumers and their pets in this unique environment.”

“Furthermore, we continue to make significant progress on our priorities to strengthen our capabilities and unlock the full potential of our strategy. During the quarter, we completed two divestitures, supporting our priority to further focus our portfolio and resources toward pet food, coffee, and snacking. With our strong performance in the third quarter and momentum for our leading brands, we are pleased to increase our full-year financial guidance, while continuing to invest in our brands to support long-term growth and increase shareholder value.”