Orrville / OH. (sc) The J. M. Smucker Company announced results for the third quarter ended January 31, 2024, of its 2024 fiscal year. Financial results for the third quarter of fiscal year 2024 reflect the divestiture of the Canada condiment business on January 02, 2024, acquisition of Hostess Brands Inc. on November 07, 2023, divestiture of the «Sahale Snacks» business on November 01, 2023, and divestiture of certain pet food brands on April 28, 2023. All comparisons are to Q3 of the prior fiscal year, unless otherwise noted.
Executive Summary
- Net sales increased USD 12.9 million, or 1 percent. Net sales excluding the acquisition, divestitures, and foreign currency exchange increased 6 percent.
- Net income per diluted share was USD 1.13. Adjusted earnings per share was USD 2.48, an increase of 12 percent.
- Cash provided by operations was USD 406.5 million compared to USD 584.6 million in the prior year. Free cash flow was USD 249.6 million, compared to USD 442.7 million in the prior year.
- The Company updated its full-year fiscal 2024 financial outlook.
Chief Executive Officer Remarks
«We are pleased to have delivered another quarter of strong financial results, including organic sales and earnings growth, driven by focused execution on our strategic priorities, sustained customer and consumer loyalty to our iconic brands, and volume growth across our business,» said Mark Smucker, Chair of the Board, President and Chief Executive Officer. «During the quarter, we completed the acquisition of Hostess Brands and two divestitures, supporting our priority to drive growth by focusing our portfolio and resources toward coffee, snacking, and pet foods.
«Our teams are prioritizing growth opportunities for our leading brands, integrating Hostess Brands, and increasing focus on productivity and synergy-related activities. We remain confident in our strategy to lead in attractive categories, build brands consumers love, and deliver sustainable growth and shareholder value.» For additional details please read the company’s PDF file below (209 KB).
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