Smucker Earns $2.08 per Share

The J. M. Smucker Company today announced results for the fourth quarter ended April 30, 2019, of its 2019 fiscal year. Financial results for the fourth quarter and fiscal year 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 fourth quarter of the prior fiscal year, unless otherwise noted.

EXECUTIVE SUMMARY

Net sales increased $120.8 million, or 7 percent, driven by the addition of Ainsworth and the Company’s growth brands.

Net income per diluted share was $0.63, including a noncash impairment charge related to the Natural Foods business within the U.S. Retail Consumer Foods segment.

Adjusted earnings per share was $2.08, an increase of 8 percent.

For the full year, net income per diluted share was $4.52. Adjusted earnings per share was $8.29, an increase of 4 percent.

Cash provided by operating activities was $274.2 million, compared to $314.4 million in the prior year.

Free cash flow was $181.6 million in the quarter and $781.4 million for the full year.

The Company provided its fiscal 2020 outlook, with expected net sales growth of 1 to 2 percent and adjusted earnings per share to range from $8.45 to $8.65.

CHIEF EXECUTIVE OFFICER REMARKS

“We are pleased with the progress that we made during the year towards executing against our strategic plan, which supported fourth quarter adjusted earnings growth of 8 percent and full-year adjusted earnings growth of 4 percent. We successfully integrated Ainsworth, extending our leadership in pet foods, while our key growth brands delivered double-digit sales growth, demonstrating the power of our brands when supported by ongoing product innovation, including 1850® coffee and Jif Power Ups®. We continued to focus on productivity, allowing us to deliver on our cost reduction targets for the year, providing fuel for investment in future growth.”

“As we transition to fiscal year 2020, our organization is committed to delivering on its growth imperatives to lead in the best categories, build brands consumers love, and be everywhere our consumers want us to be. Disciplined investment in our brands across pet food, coffee, and snacking leaves us well-positioned to drive sustainable financial growth and enhance shareholder value for the long term.”