Smucker Company: announces Q1 fiscal 2024 results

Orrville / OH. (sc) The J. M. Smucker Company announced results for the first quarter (Q1) ended July 31, 2023, of its 2024 fiscal year. Financial results for Q1-2024 reflect the divestiture of certain pet food brands on April 28, 2023. All comparisons are to the first quarter of the prior fiscal year, unless otherwise noted.

Executive Summary

  • Net sales decreased USD 67.8 million, or 4 percent. Net sales excluding the divestiture and foreign currency exchange increased 21 percent.
  • Net income per diluted share was USD 1.79. Adjusted earnings per share was USD 2.21, an increase of 32 percent.
  • Cash provided by operations was USD 217.9 million, compared to cash used of USD 39.0 million in the prior year. Free cash flow was USD 67.6 million, compared to USD (127.3) million in the prior year.
  • The Company updated its full-year fiscal 2024 financial outlook.

Chief Executive Officer Remarks

«Our first quarter results reflect a positive start to our fiscal year, including volume growth in every business segment,» said Mark Smucker, Chair of the Board, President and Chief Executive Officer. «Our ability to continue delivering results in a dynamic environment is due to our talented employees, focused strategy and execution, cost and productivity savings, partnership with our customers, and consumer demand for our leading brands. Our continued business momentum gives us confidence to increase our earnings per share expectations for this fiscal year. In the months ahead, we will continue to support our key growth platforms of coffee, snacking, and pet, which are well-positioned to drive sustainable growth and deliver long-term shareholder value.»

For additional details please read the company’s PDF file below (131 KB).