Orrville / OH. (sc) The J. M. Smucker Company announced results for the second quarter ended October 31, 2023, of its 2024 fiscal year. Financial results for Q2-2024 reflect the divestiture of certain pet food brands on April 28, 2023. All comparisons are to the second quarter of the prior fiscal year.
Executive Summary
- Net sales decreased USD 266.5 million, or 12 percent. Net sales excluding the divestiture and foreign currency exchange increased 7 percent.
- Net income per diluted share was USD 1.90. Adjusted earnings per share was USD 2.59, an increase of 8 percent.
- Cash provided by operations was USD 176.9 million compared to USD 205.0 million in the prior year. Free cash flow was USD 28.2 million, compared to USD 102.9 million in the prior year.
- The Company updated its full-year fiscal 2024 financial outlook, which reflects the acquisition of Hostess Brands Inc.
Chief Executive Officer Remarks
«Our second quarter results reflect the continued demand for our iconic brands, our focus on executing with excellence, and the talent of our employees,» said Mark Smucker, Chair of the Board, President and Chief Executive Officer. «Our continued business momentum gives us confidence in our ability to achieve our sales and earnings expectations for this fiscal year. We also advanced our portfolio reshape activities, including the acquisition of the «Hostess» sweet baked snacks and «Voortman» cookie brands. We are confident in our ability to capitalize on synergies and growth opportunities across snacking, while also continuing to support our other growth platforms in coffee and pet. Our transformed portfolio improves our ability to deliver long-term sustainable growth and shareholder value.»
For additional details please read the company’s PDF file below (306 KB).
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