Smucker Company: announces Q4 fiscal 2021 results

Orrville / OH. (sc) The J. M. Smucker Company announced results for the fourth quarter of its 2021 fiscal year ending April 30, 2021. Financial results for the fourth quarter and fiscal year reflect the divestiture of the «Crisco» business on December 01, 2020, and the divestiture of the «Natural Balance» business on January 29, 2021. All comparisons are to the fourth quarter of the prior fiscal year, unless otherwise noted.

Executive Summary

  • Net sales decreased USD 171.8 million, or 8 percent. Net sales excluding divestitures and foreign currency exchange decreased 3 percent, driven by lapping consumer stock-up purchasing resulting from the Covid-19 pandemic in the prior year, partially offset by continued elevated at-home consumption.
  • For the full year, net sales were USD 8.0 billion, an increase of 3 percent. Net sales excluding divestitures and foreign currency exchange increased 5 percent.
  • Net income per diluted share for the quarter was USD 1.35. Adjusted earnings per share was USD 1.89, a decrease of 26 percent.
  • For the full year, net income per diluted share was USD 7.79. Adjusted earnings per share was USD 9.12, an increase of 4 percent.
  • Cash from operations was USD 291.0 million compared to USD 287.7 million in the prior year. Free cash flow was USD 183.0 million in the quarter and USD 1,258.3 million for the full year.
  • Return of capital to shareholders, including cash dividends and share repurchases, was USD 272.7 million in the quarter and USD 1.1 billion for the full year.
  • The Company provided its fiscal 2022 outlook, with an expected net sales decrease of 2 to 3 percent, adjusted earnings per share to range from USD 8.70 to USD 9.10, and free cash flow of USD 900 million.

Chief Executive Officer Remarks

«Our fourth quarter and full-year results demonstrate the continued execution of our strategy, as we delivered net sales, adjusted earnings per share, and free cash flow above our expectations, with significant investment in our brands and gaining market share in several of our key categories,» said Mark Smucker, President and Chief Executive Officer. «Our strong financial results reflect sustained elevated demand for at-home food and coffee consumption and consumers’ desire for our trusted and iconic brands. Fiscal year 2021 marked another year of progress strengthening our financial position, with earnings growth and cash generation enabling debt reduction and return of cash to our shareholders.»

«Looking ahead to fiscal year 2022, we are focused on building upon the momentum and exceptional results we delivered this year, advancing our consumer-centric growth strategy, and supporting our talented employees who have been instrumental to our success. I am confident the investments we have made in our businesses and the increased agility and flexibility we developed during the past year will enable us to continue driving sustainable growth and shareholder value.» For additional information please read the company’s PDF file below (130 KB).