Orrville / OH. (sc) The J. M. Smucker Company announced results for the fourth quarter of its 2022 fiscal year ending April 30, 2022. Financial results for the fourth quarter and fiscal year reflect the divestitures of the natural beverage and grains businesses on January 31, 2022, the private label dry pet food business on December 01, 2021, the «Natural Balance» business on January 29, 2021, and the «Crisco» business on December 01, 2020. All comparisons are to Q4 of the prior fiscal year, unless otherwise noted.
- Net sales increased USD 113.6 million, or 6 percent. Net sales excluding the impact of divestitures and foreign currency exchange increased 9 percent.
- For the full year, net sales were USD 8.0 billion, in-line with the prior year. Net sales excluding the impact of divestitures and foreign currency exchange increased 5 percent.
- Net income per diluted share for the quarter was USD 1.87. Adjusted earnings per share was USD 2.23, an increase of 18 percent.
- For the full year, net income per diluted share was USD 5.83. Adjusted earnings per share was USD 8.88, a decrease of 3 percent.
- Cash from operations was USD 393.7 million compared to USD 291.0 million in the prior year. Free cash flow was USD 220.7 million in the quarter and USD 718.8 million for the full year.
- Return of capital to shareholders, reflecting cash dividends and share repurchases, was USD 369.7 million in the quarter and USD 688.5 million for the full year.
- The Company provided its fiscal year 2023 outlook, with an expected net sales increase of 3.5 to 4.5 percent, adjusted earnings per share to range from USD 7.85 to USD 8.25, and free cash flow of USD 500 million.
- Guidance reflects an estimated unfavorable impact to sales of 2 percent and adjusted earnings per share of USD 0.90 related to the recall of certain peanut butter products.
Chief Executive Officer Remarks
«Our fourth quarter and full-year results demonstrate the continued execution of our strategy and momentum of the business, amid a challenging and dynamic environment. Our strong financial results reflect sustained consumer demand for at-home food and coffee and consumers’ desire for our trusted and iconic brands,» said Mark Smucker, President and Chief Executive Officer. «During the year, we also made significant progress in strengthening our financial position, as we reduced our debt balance, while also returning cash to our shareholders through dividends and share repurchases.»
For additional details please read the company’s PDF file below (119 KB).20220607-SMUCKER-Q4-2022