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The J. M. Smucker Company Announces Fiscal 2016 Fourth Quarter Results and Fiscal 2017 Outlook
ORRVILLE, Ohio, June 9, 2016 -- The J. M. Smucker Company (NYSE: SJM) today announced results for the fourth quarter ended April 30, 2016, of its 2016 fiscal year. All comparisons are to the fourth quarter of the prior fiscal year, unless otherwise noted.
|·||Net sales increased 25 percent in the fourth quarter, reflecting the incremental contribution from Big Heart Pet Brands (“Big Heart”), acquired during the fourth quarter of fiscal 2015, and growth within the U.S. Retail Coffee segment. Net sales adjusted for noncomparable items increased 5 percent.|
|·||Net income per diluted share increased to $1.61 in the fourth quarter, including a noncash deferred tax benefit of $50.5 million, or $0.42 per share. This compares to a net loss per diluted share of $0.82 in the prior year, which was impacted by financing activities and purchase accounting adjustments related to the Big Heart acquisition. For the full year, net income per diluted share was $5.76.|
|·||Non-GAAP income per diluted share was $1.86 in the fourth quarter, compared to a non-GAAP loss per diluted share of $0.41 in the prior year. For the full year, non-GAAP income per diluted share was $6.57. Both current year measures include the $0.42 per share deferred tax benefit. The full-year measure also includes the $0.15 per share gain on the U.S. canned milk divestiture that occurred in the third quarter.|
|·||Cash provided by operating activities was $335.5 million in the fourth quarter, compared to $221.6 million in the prior year.|
|·||The Company provided its fiscal 2017 net sales and earnings outlook, with net sales expected to decrease 1 percent. Adjusted non-GAAP income per diluted share is expected to range from $7.60 to $7.75. This measure is not comparable to the non-GAAP income per diluted share measure above, as it excludes amortization expense.|
EXECUTIVE LEADERSHIP REMARKS
“We concluded 2016 with a strong fourth quarter, as the Company achieved record sales, earnings, and cash flow for the full fiscal year,” said Richard Smucker, Executive Chairman. “We are proud of the numerous accomplishments this past year. These include the successful introduction of Dunkin’ Donuts® K-Cup® pods and other on-trend products, providing lower pricing on Folgers® coffee, expanding distribution for the Natural Balance® brand, completing a seamless integration of the Big Heart acquisition, and exceeding our synergy and working capital targets. These achievements reflect the Company’s long-term focus, strong brand portfolio, the dedication of our employees, and our ability to execute.”
“As we start the new fiscal year, we look to continue our momentum and are confident in achieving another year of strong earnings growth,” added Mark Smucker, Chief Executive Officer. “We are excited about our plans for fiscal 2017, which include building on our product innovation activities and sponsoring the U.S. Olympic and Paralympic Teams as they prepare for the 2016 Olympic Games in Rio. We have clear visibility to achieving an incremental $100 million in synergies this fiscal year. Behind these and other initiatives, we are well-positioned to continue our history of delivering long-term growth and shareholder value.”
The following information was filed by J M Smucker Co (SJM) on Thursday, June 9, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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