Orrville / OH. (sc) The J. M. Smucker Company announced results for the fourth quarter of its fiscal year ending April 30, 2024. Financial results for the fourth quarter and fiscal year 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. The most comparisons are to the fourth quarter of the prior fiscal year.
Executive Summary
- Net sales for the quarter were USD 2.2 billion, a decrease of USD 29.1 million, or 1 percent. Net sales for the quarter excluding the acquisition, divestitures, and foreign currency exchange increased 3 percent.
- For the fiscal year, net sales were USD 8.2 billion, a decrease of 4 percent. Net sales excluding the acquisition, divestitures, and foreign currency exchange increased 8 percent.
- Net income per diluted share for the quarter was USD 2.30. Adjusted earnings per share was USD 2.66, an increase of 1 percent.
- For the fiscal year, net income per diluted share was USD 7.13. Adjusted earnings per share was USD 9.94, an increase of 11 percent.
- Cash provided by operations for the quarter was USD 428.1 million compared to USD 443.8 million in the prior year. Free cash flow was USD 297.5 million for the quarter and USD 642.9 million for the fiscal year.
- Return of cash to shareholders through dividends was USD 112.0 million for the quarter and USD 437.5 million for the fiscal year.
- The Company provided its fiscal year 2025 outlook, with net sales expected to increase 9.5 to 10.5 percent, adjusted earnings per share to range from USD 9.80 to USD 10.20, and free cash flow of USD 900.0 million.
Chief Executive Officer Remarks
«Our fourth quarter and full-year results underscore the strength of our business and the demand for our leading brands. Our focus on superior execution and disciplined cost management helped drive our strong results in a dynamic operating environment,» said Mark Smucker, Chair of the Board, President and Chief Executive Officer. «Our transformed portfolio, including the acquisition of Hostess Brands during the fiscal year, has strengthened our business for long-term profitable growth across our key platforms of coffee, Uncrustables® frozen sandwiches, dog snacks and cat food, and sweet baked snacks.»
«Looking ahead, fiscal year 2025 will be a year of investment in our brands, capabilities, and talented employees, who have been instrumental to our success. Our strategy is working and our priorities are clear: deliver our core business, successfully integrate the Hostess business, achieve our synergy aspirations, and advance our transformation and cost discipline activities. We are confident we are well-positioned to deliver long-term growth and increase shareholder value.» For additional details please read the company’s PDF file below (144 KB).
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