In this report, the company announced that net sales increased 11% across U.S. and international retail, while the Away From Home business experienced a decline.
ORRVILLE, Ohio, Aug. 25, 2020 /PRNewswire/ -- The J. M. Smucker Company (NYSE: SJM) today announced results for the first quarter ended July 31, 2020, of its 2021 fiscal year. All comparisons are to the first quarter of the prior fiscal year, unless otherwise noted.
EXECUTIVE SUMMARY
- Net sales increased $192.9 million, or 11 percent, with growth across each of the Company's U.S. and International retail businesses, partially offset by a decline for its Away From Home business.
- Net income per diluted share was $2.08. Adjusted earnings per share was $2.37, an increase of 50 percent.
- Cash from operations was $409.0 million, an increase of 85 percent. Free cash flow was $332.4 million, compared to $148.5 million in the prior year.
- The Company increased its full-year fiscal 2021 net sales, adjusted earnings per share, and free cash flow outlook.
CHIEF EXECUTIVE OFFICER REMARKS
"I am incredibly proud and thankful for our employees, who have adapted quickly to deliver strong results and serve our constituents in an environment marked by the COVID-19 pandemic and social unrest. We continue to ensure employee safety and well-being, support the communities where we do business, and provide a steady, quality supply of food for consumers and their pets," said Mark Smucker, President and Chief Executive Officer.
"Our first quarter results exceeded our expectations, particularly for the coffee and consumer foods portfolios. Consumers continued to seek out trusted and iconic brands as we achieved strong growth across nearly all our categories. This exceptional performance highlights the strength of our portfolio, the potential of our consumer-centric growth strategy, and our commitment to operate with financial discipline."
"We expect continued momentum in the second quarter and are pleased to raise our full-year guidance. We remain confident in our ability to deliver on our fiscal year 2021 goals, advance our long-term strategy, and deliver increased shareholder value."
The full report may be viewed here.
