Smucker Company: announces fiscal 2023 fourth quarter results

Orrville / OH. (sc) The J. M. Smucker Company announced results for the fourth quarter of its fiscal year ending April 30, 2023. Financial results for the fourth quarter and fiscal year reflect the divestitures of certain pet food brands on April 28, 2023, the natural beverage and grains businesses on January 31, 2022, and the private label dry pet food business on December 01, 2021. All comparisons are to the fourth quarter of the prior fiscal year, unless otherwise noted.

Executive Summary

• Net sales were USD 2.2 billion, an increase of 10 percent. Net sales excluding the impact of divestitures and foreign currency exchange increased 11 percent.
• For the fiscal year, net sales were USD 8.5 billion, an increase of 7 percent. Net sales excluding the impact of divestitures and foreign currency exchange increased 9 percent.
• Net loss per diluted share for the quarter was USD 5.69, reflecting a loss related to the divestiture of certain pet food brands. Adjusted earnings per share was USD 2.64, an increase of 18 percent.
• For the full year, net loss per diluted share was USD 0.86. Adjusted earnings per share was USD 8.92, slightly ahead of the prior year.
• Cash from operations was USD 437.4 million compared to USD 393.7 million in the prior year. Free cash flow was USD 298.7 million in the quarter and USD 717.0 million for the full year.
• Return of capital to shareholders, reflecting cash dividends and share repurchases, was USD 467.9 million in the quarter and USD 797.7 million for the full year.
• The Company provided its fiscal year 2024 outlook, with an expected comparable net sales increase of 8.5 to 9.5 percent, adjusted earnings per share to range from USD 9.20 to USD 9.60, and free cash flow of USD 650 million.

Chief Executive Officer Remarks

«Our strong fourth quarter and full-year results demonstrate the execution of our strategy and consumer demand for our brands,» said Mark Smucker, Chair of the Board, President and Chief Executive Officer. «During the quarter, we made meaningful progress in our effort to reshape our portfolio with the completion of the divestiture of certain pet food brands, while also returning significant cash to our shareholders.»

«Looking ahead to fiscal year 2024, we are focusing on sustaining our business momentum by investing in growth platforms, such as sandwiches and dog treats, and supporting our talented employees whose hard work and dedication have been instrumental to our success. We are confident in our long-term strategy of leading in the attractive categories of pet, coffee, and snacking and delivering shareholder value.»

For additional details please read the company’s PDF file below (79 KB).

20230606-SMUCKER-Q4-2023.