Smucker Company: announces fiscal 2023 third quarter results

Orrville / OH. (sc) The J. M. Smucker Company announced results for the third quarter ended January 31, 2023, of its 2023 fiscal year. Financial results for the third quarter of fiscal year 2023 reflect the divestitures of the natural beverage and grains businesses on 2022/01/31, and the private label dry pet food business on 2021/12/01. All comparisons are to the third quarter of the prior fiscal year, unless otherwise noted.

Executive Summary

• Net sales increased USD 159.2 million, or 8 percent. Net sales excluding divestitures and foreign currency exchange increased 11 percent.
• Net income per diluted share was USD 1.95. Adjusted earnings per share was USD 2.21, a decrease of 5 percent.
• Cash provided by operations was USD 584.6 million, an increase of 33 percent. Free cash flow was USD 442.7 million, compared to USD 322.4 million in the prior year.
• The Company updated its full-year fiscal 2023 outlook for net sales and adjusted earnings per share.

Chief Executive Officer Remarks

«Our third quarter results reflect the strong underlying momentum of our business, supported by robust demand for our leading brands and the continued focus on executing with excellence,» said Mark Smucker, Chair of the Board, President and Chief Executive Officer. «We continue to deliver solid results in this dynamic environment, including another quarter of organic top-line growth across all of our businesses and sequential gross margin improvement.»

«Looking ahead, we will continue to advance our strategic priorities, which have supported our commitment to enhanced prioritization, improved profitability and product mix, and greater organizational agility, positioning us to deliver consistent top-and bottom-line growth and shareholder value. This includes our continuous work to optimize our portfolio, as reflected in the recently announced divestiture of several pet food brands, which will allow us to focus on those areas of the business with the greatest growth potential.»

For additional details please read the company’s PDF file below (78 KB).

20230228-SMUCKER-Q32023.