Smucker Company: announces Q3 fiscal 2023 results

Orrville / OH. (sc) The J. M. Smucker Company announced results for the second quarter ended October 31, 2022, of its 2023 fiscal year. Financial results for the second quarter of fiscal year 2023 reflect the divestitures of 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 second quarter of the prior fiscal year, unless otherwise noted.

Executive Summary

  • Net sales increased USD 155.1 million, or 8 percent. Net sales excluding divestitures and foreign currency exchange increased 11 percent.
  • Net income per diluted share was USD 1.79. Adjusted earnings per share was USD 2.40, a decrease of 1 percent.
  • Cash provided by operations was USD 205.0 million, an increase of 24 percent. Free cash flow was USD 102.9 million, compared to USD 105.9 million in the prior year.
  • The Company increased its full-year fiscal 2023 financial outlook for net sales and adjusted earnings per share.

Chief Executive Officer Remarks

«Our second quarter results reflect the ongoing strength of our business, continued demand for our leading brands, and the ability of our team to execute with excellence,» said Mark Smucker, Chair of the Board, President and Chief Executive Officer. «We delivered organic top-line growth across all of our businesses, driven by the strength of our portfolio, and our ability to recover cost inflation and manage our supply chain environment.»

«Given our strong performance and sustained business momentum, we are raising our net sales and adjusted earnings per share expectations for this fiscal year. Looking ahead, we will continue to execute on our strategy and make investments in our key growth platforms to ensure consistent top- and bottom-line growth, continuing to position us well to deliver long-term shareholder value.»

For additional details please read the company’s PDF file below (77 KB).