The J. M. Smucker Company Announces Fiscal 2020 First Quarter Results

ORRVILLE, Ohio, Aug. 27, 2019 /PRNewswire/ -- The J. M. Smucker Company (NYSE: SJM) today announced results for the first quarter ended July 31, 2019, of its 2020 fiscal year. Financial results 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 first quarter of the prior fiscal year, unless otherwise noted.

EXECUTIVE SUMMARY

• Net sales decreased $123.6 million, or 6 percent. Comparable net sales decreased 4 percent.
• Net income per diluted share was $1.36. Adjusted earnings per share was $1.58, a decrease of 11 percent.
• Cash from operations was $221.5 million, a decrease of 9 percent. Free cash flow was $148.5 million in the quarter, compared to $141.7 million in the prior year.
• The Company updated its full-year fiscal 2020 net sales and adjusted earnings per share outlook.

CHIEF EXECUTIVE OFFICER REMARKS

"Our first quarter performance fell short of our expectations primarily due to the timing of shipments and deflationary pricing in the coffee and peanut butter categories, as well as competitive activity in the premium dog food category," said Mark Smucker, Chief Executive Officer.

"We have continued momentum in many key product categories, and we are already taking decisive actions and prioritizing initiatives that strengthen our business. We remain confident in our strategy, which includes a continued focus on our growth imperatives to lead in the best categories, build brands consumers love, and be everywhere, combined with a relentless focus on operating with financial discipline, all of which will enhance shareholder value for the long term."

The full report is available here.