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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. (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.
The J.M. Smucker Co. has launched new dog treats under the Milk-Bone brand, emphasizing pet bonding. The range includes Stacked and Stuffed biscuits, which feature wholesome ingredients without artificial additives, available in various sizes. New Flavor Twists and Flavor Braids chews offer exciting flavors and are free from rawhide and plastics. These products are now available nationwide at major retailers, enhancing the brand's market presence and catering to pet owners' demand for quality treats.
The J.M. Smucker Co. has completed the divestiture of its natural and organic beverage and grains businesses to Nexus Capital Management for $110 million. This strategic move, which was initially announced on December 15, 2021, includes the sale of R.W. Knudsen and TruRoots assets, along with a licensing agreement for Santa Cruz Organic beverages. The divestiture aims to enhance focus on core brands, with the natural beverage and grains businesses generating approximately $140 million in net sales for the fiscal year ended April 2021. However, the company expects a dilution of about $0.15 in adjusted earnings per share from this transaction.
The J.M. Smucker Co. (SJM) has declared a $0.99 per share dividend on its common shares. This dividend will be paid on March 1, 2022, to shareholders on record as of February 11, 2022. The company emphasizes its commitment to meeting evolving consumer expectations while maintaining a diverse portfolio of beloved brands such as Folgers and Jif, which are staples in many U.S. homes. Smucker's strategic focus aims to enhance its business growth and societal impact.
The J.M. Smucker Co. (SJM) has agreed to sell its natural and organic beverage and grains businesses to Nexus Capital Management for approximately $110 million. This divestiture includes brands like R.W. Knudsen® and TruRoots®, with net sales of about $140 million in fiscal year 2021. The sale is expected to be dilutive to adjusted earnings per share by roughly $0.15. Simultaneously, Smucker plans to close a production facility in Ripon, Wisconsin, to consolidate operations. The transaction aims to focus on core growth brands, enhancing market leadership.
The J.M. Smucker Co. (SJM) has divested its private label dry pet food business to Diamond Pet Foods for approximately $33 million. This sale includes a manufacturing facility in Kansas and follows a strategic focus on growth areas within its pet food segment. The divested business achieved net sales of around $95 million for the fiscal year ending April 30, 2021. Smucker adjusted its fiscal 2022 guidance, projecting net sales to be down 1% to flat, while adjusted earnings per share remain between $8.35 and $8.75.
The J.M. Smucker Co. (NYSE: SJM) reported a net sales increase of $16 million, or 1%, for Q2 FY2022, with net sales excluding divestitures and foreign exchange rising 8%. Net income per diluted share fell 6% to $1.90, while adjusted earnings per share grew 2% to $2.43. Operating income decreased 18% due to a $106.7 million drop in gross profit, reflecting higher costs. Full-year guidance was updated, projecting net sales growth between -0.5% to 0.5% and adjusted EPS between $8.35 and $8.75. Challenges remain due to cost inflation and supply chain disruptions.
The J.M. Smucker Co. (SJM) will invest $1.1 billion to construct a new manufacturing facility in McCalla, Alabama, aimed at boosting production of Smucker's® Uncrustables®. Construction starts by January 2022, with operations set for 2025. This facility will triple production capacity and align with the brand's significant growth, projected to reach $1 billion in annual net sales by 2026. The investment could create up to 750 jobs in the region, emphasizing Smucker's commitment to growth and local economic impact.