ORRVILLE, Ohio, USA – The J.M. Smucker Co. yesterday announced results for the first quarter ended July 31, 2023, of its 2024 fiscal year. Financial results for the first quarter of fiscal year 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.
Net sales decreased $67.8 million, or 4 percent. Net sales excluding the divestiture and foreign currency exchange increased 21 percent.
Net income per diluted share was $1.79. Adjusted earnings per share was $2.21, an increase of 32 percent.
Cash provided by operations was $217.9 million, compared to cash used of $39.0 million in the prior year. Free cash flow was $67.6 million, compared to $(127.3) million in the prior year.
The Company updated its full-year fiscal 2024 financial outlook.
“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.”
The J.M. Smucker Co.: U.S. Retail Coffee
Net sales increased $27.2 million, or 5 percent to $625.1 million. Volume/mix increased net sales by 4 percentage points, primarily driven by the Folgers and Café Bustelo brands. Net price realization was neutral in the quarter.
Segment profit increased $24.2 million, or 17%, to $170.1 million, primarily reflecting decreased commodity costs and favorable volume/mix.
