The J. M. Smucker Company CEO: Third Quarter Results Reflect Strong Sales Across All Key Growth Brands
Source The J. M. Smucker Company
ORRVILLE, Ohio, Feb. 26, 2019 /PRNewswire/ -- The J. M. Smucker Company (NYSE: SJM) today announced results for the third quarter ended January 31, 2019, of its 2019 fiscal year. Financial results for the third quarter and first nine months of 2019 include the contribution from Ainsworth Pet Nutrition, LLC ("Ainsworth"), which was acquired on May 14, 2018, and reflect the divestiture of the Company's U.S. baking business on August 31, 2018. All comparisons are to the third quarter of the prior fiscal year, unless otherwise noted.
EXECUTIVE SUMMARY
- Net sales increased $108.6 million, or 6 percent, led by the addition of Ainsworth and the Company's growth brands.
- Net income per diluted share was $1.07, including a noncash impairment charge within the U.S. Retail Pet Foods segment. Adjusted earnings per share was $2.26.
- Cash from operations was $421.1 million and free cash flow was $333.0 million.
- The Company maintained its guidance for full-year fiscal 2019.
CHIEF EXECUTIVE OFFICER REMARKS
"We are pleased with the progress that we made in the third quarter to advance our consumer centric strategy for growth, including increasing contributions from new platforms such as 1850™ coffee and Jif® Power-Ups™ snacks," said Mark Smucker, Chief Executive Officer. "Our results reflect strong sales across all of our key growth brands, including double-digit increases for Rachael Ray® Nutrish®, Smucker's® Uncrustables®, Nature's Recipe®, and Sahale Snacks®. We are also pleased with our cost management efforts, as we continue to deliver on our synergy and cost savings targets. Across all our businesses, we are executing on our strategic plan focused on meeting consumer and retail trends and delivering sustainable long-term growth."
Read more of the results here.
Editor's Note: In related news, the company's Café Bustelo® brand launched its Café Bustelo® El Café del Futuro Scholarship in partnership with the Hispanic Association of Colleges and Universities on Feb. 24. It will award a total of $100,000 to twenty students.
