J.M. Smucker Full-Year Report 2023

The J.M. Smucker Co. announced results for the fourth quarter of its fiscal year ending April 30, 2023. Financial results for the fourth quarter and fiscal year reflect the divestitures of certain pet food brands on April 28, 2023, the natural beverage and grains businesses on January 31, 2022, and the private label dry pet food business on December 1, 2021. All comparisons are to the fourth quarter of the prior fiscal year unless otherwise noted.

Highlights

• Net sales were $2.2 billion, an increase of 10 percent. Net sales excluding the impact of divestitures and foreign currency exchange increased 11 percent.

• For the fiscal year, net sales were $8.5 billion, an increase of 7 percent. Net sales excluding the impact of divestitures and foreign currency exchange increased 9 percent.

• Net loss per diluted share for the quarter was $5.69, reflecting a loss related to the divestiture of certain pet food brands. Adjusted earnings per share was $2.64, an increase of 18 percent.

• For the full year, net loss per diluted share was $0.86. Adjusted earnings per share was $8.92, slightly ahead of the prior year.

• Cash from operations was $437.4 million compared to $393.7 million in the prior year. Free cash flow was $298.7 million in the quarter and $717.0 million for the full year.

• Return of capital to shareholders, reflecting cash dividends and share repurchases, was $467.9 million in the quarter and $797.7 million for the full year.

• The Company provided its fiscal year 2024 outlook, with an expected comparable net sales increase of 8.5 to 9.5 percent, adjusted earnings per share to range from $9.20 to $9.60, and free cash flow of $650 million.