Smucker Company: Announced Fiscal 2022 Third Quarter Results

Orrville / OH. (sc) The J. M. Smucker Company in March announced results for the third quarter ended January 31, 2022, of its 2022 fiscal year. Financial results for the third quarter of fiscal year 2022 reflect the divestitures of the «Crisco» business on December 01, 2020, the «Natural Balance» business on January 29, 2021, the private label dry pet food business on December 01, 2021, and the natural beverage and grains businesses on January 31, 2022. All comparisons are to Q3 of fiscal 2021, unless otherwise noted.

Executive Summary

  • Net sales decreased USD 19.6 million, or 1 percent. Net sales excluding divestitures and foreign currency exchange increased 4 percent.
  • Net income per diluted share was USD 0.64, a decrease of 72 percent, primarily due to a noncash intangible asset impairment charge within the U.S. Retail Pet Foods segment.
  • Adjusted earnings per share was USD 2.33, a decrease of 5 percent.
  • Cash from operations was USD 439.7 million, a decrease of 10 percent. Free cash flow was USD 322.4 million, compared to USD 416.6 million in the prior year.
  • The Company updated its full-year fiscal 2022 financial outlook.

Cief Executive Officer’s Remarks

«Our strong third quarter results, including organic net sales growth of 4 percent, reflects the continued momentum of our business and underlying consumer demand for our iconic brands,» said Mark Smucker, President and Chief Executive Officer, in March. «We delivered another quarter that exceeded expectations, reflecting our ability to execute on our strategy, while successfully navigating this challenging and dynamic environment. We continue to drive long-term growth by focusing on our key growth platforms of pet, coffee, and snacking, including the completion of two divestitures this quarter.»

«Looking ahead, we are navigating a dynamic environment led by cost inflation and supply chain disruptions. We expect these pressures to continue in the fourth quarter. We are confident in our ability to work through these ongoing challenges, deliver on our fiscal year guidance, and support long-term shareholder value creation.» For additional details please read the company’s PDF file below (104 KB).

20220523-SMUCKER-Q3-2022
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