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The J.M. Smucker Company reports quarterly financial results and portfolio updates for a packaged food business built around coffee, peanut butter, fruit spreads, frozen handhelds, sweet baked goods, dog snacks, and cat food. Its North American brand portfolio includes Folgers, Dunkin' packaged coffee, Café Bustelo, Jif, Uncrustables, Smucker's, Hostess, Milk-Bone, and Meow Mix.
Recurring company news covers sales trends, commodity-cost effects, pricing, cash flow, and outlook updates, along with portfolio changes following the Hostess Brands acquisition and completed divestitures in sweet baked snacks. Other updates include regular dividends, annual shareholder meeting matters, board refreshment, senior leadership responsibilities, and consumer-products conference presentations.
The J.M. Smucker Co. (NYSE: SJM) announced a 3% increase in its quarterly dividend from $0.99 to $1.02 per common share, marking the 21st consecutive year of dividend growth. The dividend will be paid on September 1, 2022, to shareholders on record by August 12, 2022. This action underscores the company's commitment to returning value to shareholders.
The J.M. Smucker Co. (NYSE: SJM) announced on June 23, 2022, that Mark Smucker will become the Chair of the Board effective August 17, 2022, succeeding Richard Smucker, who will retire after 50 years with the company. Tim Smucker will transition to a non-voting Chairman Emeritus role on the same date. Mark Smucker expressed gratitude for the leadership provided by his father and uncle and looks forward to enhancing collaboration with the Board to drive the company's vision and growth.
The J.M. Smucker Co. (SJM) reported a strong fourth quarter of fiscal 2022, with net sales increasing by $113.6 million or 6% to $2.03 billion. Adjusted earnings per share grew by 18% to $2.23, although annual adjusted EPS fell 3% to $8.88. The company anticipates a 3.5% to 4.5% rise in net sales for fiscal 2023 but expects a $0.90 hit to EPS due to a recent Jif® peanut butter recall. Cash from operations rose to $393.7 million, reflecting a robust operational performance despite ongoing inflation and supply chain challenges.
The J.M. Smucker Co. (NYSE: SJM) is set to release its fourth quarter fiscal 2022 financial results on June 7, 2022, at 7:00 a.m. ET. This will include detailed financial statements and supplemental materials. A live Q&A session with President and CEO Mark Smucker and CFO Tucker Marshall will follow at 9:00 a.m. ET. Investors can access the webcast and related content on the company's investor website.
Smucker's diverse product portfolio caters to a wide range of consumers, aiming for continued growth and societal impact.
The J.M. Smucker Co. (SJM) declared a $0.99 per share dividend for common shares, payable on June 1, 2022. Shareholders must be on record by the close of business on May 13, 2022. Additionally, the company's Annual Meeting of Shareholders is scheduled for August 17, 2022, at 12:00 p.m. ET, conducted virtually. Only shareholders who are on record by June 21, 2022, can vote and attend the meeting.
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On March 2, 2022, Rachael Ray Nutrish announced its partnership with North Shore Animal League America (NSALA) as their new exclusive feeding partner. Nutrish will provide food for over 5,000 animals each year, supporting NSALA's mission of animal welfare and adoption. Since February 2022, Nutrish has donated over $66 million to animal charities through The Rachael Ray Foundation. NSALA, the world's largest no-kill adoption organization, has saved over 1.1 million animals since 1944. This partnership strengthens Nutrish's commitment to animal care.
The J.M. Smucker Co. (SJM) reported third quarter fiscal 2022 results with net sales of $2.06 billion, a 1% decrease from the previous year. Excluding divestitures and foreign currency effects, net sales rose 4%. Net income per diluted share fell 72% to $0.64 due to a noncash impairment charge. Adjusted earnings per share decreased 5% to $2.33. Cash from operations was $439.7 million, down 10%, while free cash flow dropped to $322.4 million. The full-year guidance was updated, projecting a net sales decline of 1.5% to 0.5% and adjusted EPS of $8.35 to $8.65.
The J.M. Smucker Co. (SJM) will present at the 2022 CAGNY Virtual Conference on February 22, 2022, at 4:10 p.m. EST. The company is scheduled to report its third-quarter fiscal 2022 financial results on March 1, 2022, with a press release available at 7:00 a.m. EST. A live Q&A session with CEO Mark Smucker and CFO Tucker Marshall will follow at 9:00 a.m. EST. Investors can access all related materials on the company’s website.
The J.M. Smucker Co. (NYSE: SJM) has appointed Jonathan E. Johnson III to its Board of Directors, expanding the Board to 12 members. Johnson brings over two decades of experience, currently serving as CEO of Overstock.com, where he enhanced profitability and market share. His background includes roles in fintech and blockchain, and he has held directorships at various financial firms. Mark Smucker expressed optimism about Johnson's contributions to advancing the company's strategies and digital capabilities.