J.M. Smucker Reports 4% Decrease in Net Sales for Fiscal Year, Excluding Impact Shows 8% Increase

The J.M. Smucker Co. (NYSE: SJM) has announced its fourth-quarter results for the fiscal year ending April 30, 2024. The company's net sales for the quarter were $2.2 billion, reflecting a decrease of $29.1 million, or 1 percent. However, when excluding the impact of acquisitions, divestitures, and foreign currency exchange, net sales actually increased by 3 percent.

For the full fiscal year, net sales were $8.2 billion, a decrease of 4 percent. Yet, similarly excluding the impact of acquisitions, divestitures, and foreign currency exchange, net sales increased by 8 percent.

Net income per diluted share for the quarter was $2.30, while adjusted earnings per share stood at $2.66, representing a 1 percent increase. For the entire fiscal year, net income per diluted share was $7.13, and adjusted earnings per share was $9.94, reflecting an 11 percent increase.

The company reported cash provided by operations of $428.1 million for the quarter, and free cash flow of $297.5 million for the same period. For the entire fiscal year, free cash flow was $642.9 million.

The return of cash to shareholders through dividends amounted to $112.0 million for the quarter and $437.5 million for the fiscal year.

Looking ahead, the company has provided its fiscal year 2025 outlook, with net sales expected to increase by 9.5 to 10.5 percent, adjusted earnings per share ranging from $9.80 to $10.20, and free cash flow projected at $900.0 million.

The company's CEO, Mark Smucker, expressed confidence in the business's long-term growth and increased shareholder value, highlighting the successful execution of their strategy and the clear priorities for the future.

In terms of specific segment results, the U.S. Retail Coffee segment saw a 4 percent decrease in net sales, while the U.S. Retail Frozen Handheld and Spreads segment experienced a 1 percent decrease in net sales.

The U.S. Retail Pet Foods segment reported a staggering 42 percent decrease in net sales, excluding the impact of divested pet food brands, but saw an 11 percent increase when including the sales from the divested brands.

The Sweet Baked Snacks segment contributed net sales of $337.0 million and segment profit of $70.2 million, while the International and Away From Home segment reported a 1 percent decrease in net sales, excluding the impact of divested brands and foreign currency exchange.

The company's webcast and live question and answer session with the CEO and CFO can be accessed at

These figures and outcomes depict a dynamic operating environment for The J.M. Smucker Co., showcasing both areas of growth and challenges in its various segments. The market has reacted to these announcements by moving the company's shares 4.3% to a price of $115.02. Check out the company's full 8-K submission here.

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