0000091419-23-000140.txt : 20231205 0000091419-23-000140.hdr.sgml : 20231205 20231205065457 ACCESSION NUMBER: 0000091419-23-000140 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20231205 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20231205 DATE AS OF CHANGE: 20231205 FILER: COMPANY DATA: COMPANY CONFORMED NAME: J M SMUCKER Co CENTRAL INDEX KEY: 0000091419 STANDARD INDUSTRIAL CLASSIFICATION: CANNED, FRUITS, VEG & PRESERVES, JAMS & JELLIES [2033] IRS NUMBER: 340538550 STATE OF INCORPORATION: OH FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05111 FILM NUMBER: 231465182 BUSINESS ADDRESS: STREET 1: ONE STRAWBERRY LANE CITY: ORRVILLE STATE: OH ZIP: 44667 BUSINESS PHONE: 3306823000 MAIL ADDRESS: STREET 1: ONE STRAWBERRY LANE CITY: ORRVILLE STATE: OH ZIP: 44667 FORMER COMPANY: FORMER CONFORMED NAME: SMUCKER J M CO DATE OF NAME CHANGE: 19920703 8-K 1 sjm-20231205.htm 8-K sjm-20231205
0000091419false00000914192023-12-052023-12-05

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of report (Date of earliest event reported): December 5, 2023

The J. M. Smucker Company
(Exact Name of Registrant as Specified in Charter)

Ohio001-0511134-0538550
(State or Other Jurisdiction(Commission(IRS Employer
of Incorporation)File Number)Identification No.)
One Strawberry Lane
Orrville,Ohio44667-0280
(Address of Principal Executive Offices)(Zip Code)

Registrant’s telephone number, including area code: (330) 682-3000

Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbolName of each exchange on which registered
Common shares, no par valueSJMNew York Stock Exchange

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging Growth Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨



Item 2.02 Results of Operations and Financial Condition.

On December 5, 2023, The J. M. Smucker Company (the “Company”) issued a press release announcing the Company’s financial results for the quarter ended October 31, 2023. A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.

The information in this Current Report on Form 8-K, including the exhibit attached hereto, is furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, and shall not be deemed incorporated by reference into any filing under the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.


Item 9.01 Financial Statements and Exhibits.

(d)Exhibits

Exhibit
Number
Exhibit
Description
104The cover page of this Current Report on Form 8-K, formatted in Inline XBRL




SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
THE J. M. SMUCKER COMPANY
By:/s/ Tucker H. Marshall
Tucker H. Marshall
Chief Financial Officer

Date:    December 5, 2023


EX-99.1 2 sjm2023125exhibit991.htm EX-99.1 Document


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The J.M. Smucker Co. Announces Fiscal 2024 Second Quarter Results
ORRVILLE, Ohio, December 5, 2023 /PRNewswire/ -- The J.M. Smucker Co. (NYSE: SJM) today announced results for the second quarter ended October 31, 2023, of its 2024 fiscal year. Financial results for the second quarter of fiscal year 2024 reflect the divestiture of certain pet food brands on April 28, 2023. All comparisons are to the second quarter of the prior fiscal year, unless otherwise noted.
EXECUTIVE SUMMARY
Net sales decreased $266.5 million, or 12 percent. Net sales excluding the divestiture and foreign currency exchange increased 7 percent.
Net income per diluted share was $1.90. Adjusted earnings per share was $2.59, an increase of 8 percent.
Cash provided by operations was $176.9 million compared to $205.0 million in the prior year. Free cash flow was $28.2 million, compared to $102.9 million in the prior year.
The Company updated its full-year fiscal 2024 financial outlook, which reflects the acquisition of Hostess Brands, Inc. ("Hostess Brands").
CHIEF EXECUTIVE OFFICER REMARKS
"Our second quarter results reflect the continued demand for our iconic brands, our focus on executing with excellence, and the talent of our employees," said Mark Smucker, Chair of the Board, President and Chief Executive Officer. "Our continued business momentum gives us confidence in our ability to achieve our sales and earnings expectations for this fiscal year."

"We also advanced our portfolio reshape activities, including the acquisition of the Hostess® sweet baked snacks and Voortman® cookie brands. We are confident in our ability to capitalize on synergies and growth opportunities across snacking, while also continuing to support our other growth platforms in coffee and pet. Our transformed portfolio improves our ability to deliver long-term sustainable growth and shareholder value."




SECOND QUARTER CONSOLIDATED RESULTS
Three Months Ended October 31,
20232022% Increase (Decrease)
(Dollars and shares in millions, except per share data)
Net sales$1,938.6 $2,205.1 (12)%
Operating income$298.9 $293.4 %
Adjusted operating income385.4 379.6 %
Net income per common share – assuming dilution$1.90 $1.79 %
Adjusted earnings per share – assuming dilution2.59 2.40 %
Weighted-average shares outstanding – assuming dilution102.4 106.9 (4)%


Net Sales
Net sales decreased $266.5 million, or 12 percent. Excluding noncomparable net sales in the prior year of $385.0 million from the divested pet food brands, as well as $2.5 million of unfavorable foreign currency exchange, net sales increased $121.0 million, or 7 percent.
The increase in comparable net sales reflects a 4 percentage point increase from volume/mix, primarily driven by Smucker's® Uncrustables® frozen sandwiches and contract manufacturing sales related to the divested pet food brands, partially offset by Jif® peanut butter. Comparable net sales growth was also supported by a 3 percentage point increase from net price realization, primarily due to list price increases for the U.S. Retail Pet Foods and U.S. Retail Consumer Foods segments and for International and Away From Home, partially offset by a net price decline for the U.S. Retail Coffee segment.
Operating Income
Gross profit increased $23.1 million, or 3 percent. The increase primarily reflects higher net price realization, lower green coffee costs, and favorable volume/mix. Gross profit also reflects the unfavorable impact from the divested pet food brands. Operating income increased $5.5 million, or 2 percent, primarily reflecting the increase in gross profit, a $20.8 million decrease in selling, distribution, and administrative ("SD&A") expenses, and a $16.0 million reduction in amortization expense as a result of the divested pet food brands. These benefits were mostly offset by a $48.3 million increase for net other operating expense, primarily driven by a $39.1 million unfavorable impact related to the termination of a supplier agreement and an estimated net pre-tax loss on assets held for sale.
Adjusted gross profit increased $19.5 million, or 3 percent. The difference between adjusted gross profit and generally accepted accounting principles ("GAAP") results primarily reflects the exclusion of the change in net cumulative unallocated derivative gains and losses. Adjusted operating income, which further reflects the exclusion of amortization, the estimated net pre-tax loss on assets held for sale, and special project costs as compared to GAAP operating income, increased $5.8 million, or 2 percent.



Interest Expense, Other Debt Costs, and Income Taxes
Net interest expense decreased $4.6 million, primarily due to an increase in interest income, reflecting an increase in our cash investments and higher interest rates as compared to the prior year, and a decrease in interest expense related to the Company's commercial paper program, as there was no balance outstanding at the end of the quarter. The decrease in net interest expense also includes interest expense related to the new Senior Notes issued during the quarter to fund the acquisition of Hostess Brands.
Other debt costs were $19.5 million in the quarter, reflecting financing fees for the acquisition of Hostess Brands.
The effective income tax rate was 21.9 percent, compared to 24.4 percent in the prior year. The adjusted effective income tax rate was 24.3 percent, compared to 24.4 percent in the prior year. The change in effective income tax rates was primarily due to the impact of state income taxes, partially offset by a tax benefit related to the divestiture of Sahale Snacks®.
Cash Flow and Debt
Cash provided by operating activities was $176.9 million, compared to $205.0 million in the prior year, primarily reflecting timing differences of income tax payments and financing fees for the acquisition of Hostess Brands, partially offset by less cash required to fund working capital. Free cash flow was $28.2 million, compared to $102.9 million in the prior year, reflecting a $46.6 million increase in capital expenditures and the decrease in cash provided by operating activities.



FULL-YEAR OUTLOOK
The Company updated its full-year fiscal 2024 guidance, as summarized below, which reflects the anticipated impact of the acquisition of Hostess Brands:
CurrentPrevious
Comparable net sales increase vs prior year (A)
8.5% - 9.0%8.5% - 9.5%
Adjusted earnings per share$9.25 - $9.65$9.45 - $9.85
Free cash flow (in millions)$530$650
Capital expenditures (in millions)$610$550
Adjusted effective income tax rate24.3 %24.0 %
(A) Comparable net sales excludes sales in the prior year related to the divestitures of certain pet food brands and Sahale Snacks®, and also excludes sales in the current year related to the acquisition of Hostess Brands. Net sales are expected to decrease 3.0% to 3.5% compared to the prior year, including the acquisition of Hostess Brands.
Comparable net sales are expected to increase 8.5 to 9.0 percent compared to the prior year. This reflects favorable volume/mix from underlying business momentum, as well as higher net pricing. Net sales are expected to decrease 3.0 to 3.5 percent compared to the prior year, reflecting approximately $8.25 billion at the mid-point of the guidance range. The net sales decrease reflects $1.5 billion of net sales in the prior year related to the divested pet food brands, $23.7 million of net sales in the prior year related to the divested Sahale Snacks® business, and $650.0 million of anticipated net sales in the current fiscal year related to the acquisition of Hostess Brands.
Adjusted earnings per share is expected to range from $9.25 to $9.65. This range reflects the benefits of favorable volume/mix and higher net pricing actions, partially offset by increased SD&A expenses. The adjusted earnings per share range also reflects a net unfavorable impact of approximately $0.60 related to stranded overhead from the pet food divestiture, inclusive of income and reimbursements from transition services and contract manufacturing agreements. The adjusted earnings per share range now reflects a net unfavorable impact of approximately $0.40 related to the Hostess Brands acquisition, including incremental profits from the new Sweet Baked Snacks reportable segment, more than offset by incremental administrative expense related to the acquisition, incremental interest expense related to new debt to fund the acquisition, incremental tax expense related to a change in the effective income tax rate, and additional common shares issued in connection with the transaction.
This guidance assumes an adjusted gross profit margin of approximately 37.5 percent, an adjusted effective income tax rate of 24.3 percent, and 104.4 million weighted-average common shares outstanding, inclusive of the effect of the Hostess Brands acquisition. Free cash flow is expected to be approximately $530.0 million with capital expenditures of $610.0 million. The change in free cash flow and capital expenditure guidance, compared to previous expectations, is primarily due to $135.0 million of transaction and integration costs and $60.0 million of capital expenditures associated with the Hostess Brands acquisition.
The updated guidance for items related to the Hostess Brands acquisition includes preliminary estimates that could differ materially as the Company continues to evaluate the impact of purchase accounting adjustments.



SECOND QUARTER SEGMENT RESULTS
(Dollar amounts in the segment tables below are reported in millions.)
U.S. Retail Coffee
Net
Sales
Segment ProfitSegment Profit Margin
FY24 Q2 Results$685.7$171.024.9%
Increase (decrease) vs prior year(3)%(9)%-150bps
Net sales decreased $24.1 million, or 3 percent. Net price realization reduced net sales by 4 percentage points, primarily driven by list price decreases, partially offset by reduced trade spend. Volume/mix was neutral in the quarter, as increases for the Café Bustelo® and Dunkin'® brands were mostly offset by the Folgers® brand.
Segment profit decreased $16.7 million, primarily reflecting the $39.1 million unfavorable impact related to the termination of a supplier agreement. Excluding this item, segment profit increased, primarily driven by a favorable net impact of decreased commodity costs and lower net price realization.
U.S. Retail Consumer Foods
Net
Sales
Segment ProfitSegment Profit Margin
FY24 Q2 Results$464.3$128.527.7%
Increase (decrease) vs prior year7%28%450bps

Net sales increased $32.1 million, or 7 percent. Higher net price realization increased net sales by 7 percentage points, primarily reflecting a favorable impact of lapping customer returns and fees related to the Jif® peanut butter product recall in the prior year and a list price increase for Jif® peanut butter. Volume/mix was neutral to net sales, as an increase for Smucker's® Uncrustables® frozen sandwiches was mostly offset by a decrease for Jif® peanut butter.
Segment profit increased $28.2 million, primarily reflecting higher net price realization and lower costs, inclusive of a favorable impact of lapping the recall, partially offset by increased marketing investments.
U.S. Retail Pet Foods
Net
Sales
Segment ProfitSegment Profit Margin
FY24 Q2 Results$464.0$97.220.9%
Increase (decrease) vs prior year(39)%(19)%520bps
Net sales decreased $301.2 million, or 39 percent. Excluding $377.8 million of noncomparable net sales in the prior year related to the divested pet food brands, net sales increased $76.6 million, or 20 percent. Volume/mix increased net sales by 12 percentage points, primarily driven by $38.4 million of contract manufacturing sales related to the divestiture and growth for dog snacks, primarily driven by the Milk-Bone® brand. Higher net price realization increased net sales by 8 percentage points, primarily reflecting list price increases across the portfolio.
Segment profit decreased $22.9 million, reflecting the noncomparable segment profit in the prior year related to the divested pet food brands. Excluding the impact of the divestiture, segment profit increased, primarily driven by a favorable net impact of higher net price realization and increased costs and favorable volume/mix, partially offset by increased distribution costs.



International and Away From Home
Net
Sales
Segment ProfitSegment Profit Margin
FY24 Q2 Results$324.6$60.218.5%
Increase (decrease) vs prior year9%45%460bps
Net sales increased $26.7 million, or 9 percent. Excluding $7.2 million of noncomparable net sales in the prior year related to the divested pet food brands and $2.5 million of unfavorable foreign currency exchange, net sales increased $36.4 million, or 13 percent. Volume/mix increased net sales by 7 percentage points for the combined businesses, primarily driven by Smucker's® Uncrustables® frozen sandwiches and coffee products. Net price realization contributed a 5 percentage point increase to net sales, primarily driven by list price increases across the majority of the portfolio, partially offset by increased trade spend.
Segment profit increased $18.7 million, primarily reflecting higher net price realization and favorable volume/mix.



Financial Results Discussion and Webcast
At approximately 7:00 a.m. Eastern Time today, the Company will post to its website at investors.jmsmucker.com a pre-recorded management discussion of its fiscal 2024 second quarter financial results, a transcript of the discussion, and supplemental materials. At 9:00 a.m. Eastern Time today, the Company will webcast a live question and answer session with Mark Smucker, Chair of the Board, President and Chief Executive Officer, and Tucker Marshall, Chief Financial Officer. The live webcast and replay can be accessed at investors.jmsmucker.com.
The J.M. Smucker Co. Forward-Looking Statements
This press release contains forward-looking statements, such as projected net sales, operating results, earnings, and cash flows that are subject to risks and uncertainties that could cause actual results to differ materially from future results expressed or implied by those forward-looking statements. The risks, uncertainties, important factors, and assumptions listed and discussed in this press release, which could cause actual results to differ materially from those expressed, include: the Company’s ability to successfully integrate Hostess Brands’ operations and employees and to implement plans and achieve financial forecasts with respect to the Hostess Brands' business; the Company’s ability to realize the anticipated benefits, including synergies and cost savings, related to the Hostess Brands acquisition, including the possibility that the expected benefits will not be realized or will not be realized within the expected time period; disruption from the acquisition of Hostess Brands by diverting the attention of the Company’s management and making it more difficult to maintain business and operational relationships; the negative effects of the acquisition of Hostess Brands on the market price of the Company’s common shares; the amount of the costs, fees, expenses, and charges and the risk of litigation related to the acquisition of Hostess Brands; the effect of the acquisition of Hostess Brands on the Company’s business relationships, operating results, ability to hire and retain key talent, and business generally; the effect of the sale of certain pet food brands on the Company's ability to retain key personnel and to maintain relationships with customers, suppliers, and other business partners; disruptions or inefficiencies in the Company's operations or supply chain, including any impact caused by product recalls, political instability, terrorism, armed hostilities (including the ongoing conflict between Russia and Ukraine), extreme weather conditions, natural disasters, pandemics (including the novel coronavirus), work stoppages or labor shortages, or other calamities; risks related to the availability, and cost inflation in, supply chain inputs, including labor, raw materials, commodities, packaging, and transportation; the impact of food security concerns involving either the Company's products or its competitors' products, including changes in consumer preference, consumer litigation, actions by the U.S. Food and Drug Administration or other agencies, and product recalls; risks associated with derivative and purchasing strategies the Company employs to manage commodity pricing and interest rate risks; the availability of reliable transportation on acceptable terms; the ability to achieve cost savings related to restructuring and cost management programs in the amounts and within the time frames currently anticipated; the ability to generate sufficient cash flow to continue operating under the Company's capital deployment model, including capital expenditures, debt repayment to meet our deleveraging objectives, dividend payments, and share repurchases; a change in outlook or downgrade in the Company's public credit ratings by a rating agency below investment grade; the ability to implement and realize the full benefit of price changes, and the impact of the timing of the price changes to profits and cash flow in a particular period; the success and cost of marketing and sales programs and strategies intended to promote growth in the Company's businesses, including product innovation; general competitive activity in the market, including competitors' pricing practices and promotional spending levels; the Company's ability to attract and retain key talent; the concentration of certain of the Company's businesses with key customers and suppliers, including single-source suppliers of certain key raw materials and finished goods, and the Company's ability to manage and maintain key relationships; impairments in the carrying value of goodwill, other intangible assets, or other long-lived assets or changes in the useful lives of other intangible assets or other long-lived assets; the impact of new or changes to existing governmental laws and regulations and their application; the outcome of tax examinations, changes in tax laws, and other tax matters; a disruption, failure, or security breach of the Company or their suppliers’ information technology systems, including, but not limited to, ransomware attacks; foreign currency exchange rate and interest rate fluctuations; and risks related to other factors described under "Risk Factors" in other reports and statements filed with the Securities and Exchange Commission, including the Company’s most recent Annual Report on Form 10-K. The Company undertakes no obligation to update or revise these forward-looking statements, which speak only as of the date made, to reflect new events or circumstances.



About The J.M. Smucker Co.
At The J.M. Smucker Co., it is our privilege to make food people and pets love by offering a diverse portfolio family of brands available across North America. We are proud to lead in the coffee, peanut butter, fruit spreads, frozen handheld, sweet baked goods, dog snacks, and cat food categories by offering brands consumers trust for themselves and their families each day, including Folgers®, Dunkin’®, Café Bustelo®, Jif®, Smucker’s® Uncrustables®, Smucker’s®, Hostess®, Voortman®, Milk-Bone®, and Meow Mix®. Through our unwavering commitment to producing quality products, operating responsibly and ethically and delivering on our Purpose, we will continue to grow our business while making a positive impact on society. For more information, please visit jmsmucker.com.

The J.M. Smucker Co. is the owner of all trademarks referenced herein, except for Dunkin'®, which is a trademark of DD IP Holder LLC. The Dunkin'® brand is licensed to The J.M. Smucker Co. for packaged coffee products sold in retail channels such as grocery stores, mass merchandisers, club stores, e-commerce and drug stores, and in certain away from home channels. This information does not pertain to products for sale in Dunkin'® restaurants.
Contacts:
The J.M. Smucker Co.: (330) 682-3000
Investors: Aaron Broholm, Vice President, Investor Relations
Media: Abbey Linville, Vice President, Corporate Communications




The J.M. Smucker Co.
Unaudited Condensed Consolidated Statements of Income
Three Months Ended October 31,Six Months Ended October 31,
20232022% Increase (Decrease)20232022% Increase (Decrease)
(Dollars and shares in millions, except per share data)
Net sales$1,938.6 $2,205.1 (12)%$3,743.8 $4,078.1 (8)%
Cost of products sold1,214.4 1,504.0 (19)%2,364.8 2,824.5 (16)%
Gross Profit724.2 701.1 %1,379.0 1,253.6 10 %
Gross margin37.4 %31.8 %36.8 %30.7 %
Selling, distribution, and administrative expenses333.5 354.3 (6)%647.1 698.1 (7)%
Amortization39.6 55.6 (29)%79.4 111.2 (29)%
Other special project costs6.8 0.7 n/m6.8 2.1 n/m
Other operating expense (income) – net45.4 (2.9)n/m43.3 (30.9)n/m
Operating Income298.9 293.4 %602.4 473.1 27 %
Operating margin15.4 %13.3 %16.1 %11.6 %
Interest expense – net(35.1)(39.7)(12)%(67.2)(78.8)(15)%
Other debt costs(19.5)— n/m(19.5)— n/m
Other income (expense) – net5.1 (0.8)n/m(27.9)(0.3)n/m
Income Before Income Taxes249.4 252.9 (1)%487.8 394.0 24 %
Income tax expense54.5 61.8 (12)%109.3 93.1 17 %
Net Income$194.9 $191.1 %$378.5 $300.9 26 %
Net income per common share$1.91 $1.79 %$3.70 $2.82 31 %
Net income per common share – assuming dilution$1.90 $1.79 %$3.69 $2.82 31 %
Dividends declared per common share$1.06 $1.02 %$2.12 $2.04 %
Weighted-average shares outstanding102.1 106.6 (4)%102.3 106.6 (4)%
Weighted-average shares outstanding – assuming dilution102.4 106.9 (4)%102.6 106.8 (4)%



The J.M. Smucker Co.
Unaudited Condensed Consolidated Balance Sheets 
October 31, 2023April 30, 2023
(Dollars in millions)
Assets
Current Assets
Cash and cash equivalents$3,623.9 $655.8 
Trade receivables – net587.9 597.6 
Inventories1,084.9 1,009.8 
Investment in equity securities432.7 487.8 
Other current assets134.7 107.7 
Total Current Assets5,864.1 2,858.7 
Property, Plant, and Equipment – Net2,389.3 2,239.5 
Other Noncurrent Assets
Goodwill5,213.2 5,216.9 
Other intangible assets – net4,349.3 4,429.3 
Other noncurrent assets307.8 247.0 
Total Other Noncurrent Assets9,870.3 9,893.2 
Total Assets$18,123.7 $14,991.4 
Liabilities and Shareholders' Equity
Current Liabilities
Accounts payable$1,250.3 $1,392.6 
Other current liabilities584.1 594.1 
Total Current Liabilities1,834.4 1,986.7 
Noncurrent Liabilities
Long-term debt7,771.7 4,314.2 
Other noncurrent liabilities1,428.7 1,399.7 
Total Noncurrent Liabilities9,200.4 5,713.9 
Total Shareholders’ Equity7,088.9 7,290.8 
Total Liabilities and Shareholders’ Equity$18,123.7 $14,991.4 



The J.M. Smucker Co.
Unaudited Condensed Consolidated Statements of Cash Flow
Three Months Ended October 31,Six Months Ended October 31,
2023202220232022
(Dollars in millions)
Operating Activities
Net income$194.9 $191.1 $378.5 $300.9 
Adjustments to reconcile net income to net cash provided by (used for) operations:
Depreciation53.0 57.1 103.2 112.2 
Amortization39.6 55.6 79.4 111.2 
Pension settlement loss (gain)— 1.7 3.2 1.7 
Unrealized loss (gain) on investment in equity securities – net
(5.9)— 21.5 — 
Share-based compensation expense8.6 (2.6)13.7 5.3 
Loss (gain) on divestitures – net13.8 — 12.6 (1.6)
Deferred income tax expense (benefit)(7.4)— (16.3)— 
Other noncash adjustments – net4.2 8.2 10.2 12.3 
Defined benefit pension contributions(1.1)(1.1)(1.8)(71.8)
Changes in assets and liabilities, net of effect from divestitures:
Trade receivables2.6 (6.9)8.7 (87.1)
Inventories4.9 (50.8)(76.5)(273.8)
Other current assets6.8 22.4 2.0 19.1 
Accounts payable(49.1)4.4 (92.9)77.5 
Accrued liabilities42.4 11.9 34.7 20.8 
Income and other taxes(121.3)(81.9)(64.0)(56.3)
Other – net(9.1)(4.1)(21.4)(4.4)
Net Cash Provided by (Used for) Operating Activities176.9 205.0 394.8 166.0 
Investing Activities
Additions to property, plant, and equipment(148.7)(102.1)(299.0)(190.4)
Other – net6.9 (35.7)5.3 (18.9)
Net Cash Provided by (Used for) Investing Activities(141.8)(137.8)(293.7)(209.3)
Financing Activities
Short-term borrowings (repayments) – net— (88.8)— 118.2 
Proceeds from long-term debt3,485.0 — 3,485.0 — 
Capitalized debt issuance costs(28.9)— (28.9)— 
Quarterly dividends paid(108.0)(108.4)(213.2)(213.5)
Purchase of treasury shares(0.4)(0.1)(372.4)(7.9)
Proceeds from stock option exercises1.2 5.2 1.2 6.1 
Other – net0.1 1.4 (4.0)(1.7)
Net Cash Provided by (Used for) Financing Activities3,349.0 (190.7)2,867.7 (98.8)
Effect of exchange rate changes on cash(1.3)(1.0)(0.7)(0.7)
Net increase (decrease) in cash and cash equivalents3,382.8 (124.5)2,968.1 (142.8)
Cash and cash equivalents at beginning of period241.1 151.6 655.8 169.9 
Cash and Cash Equivalents at End of Period$3,623.9 $27.1 $3,623.9 $27.1 



The J.M. Smucker Co.
Unaudited Supplemental Schedule
Three Months Ended October 31,Six Months Ended October 31,
2023% of
Net Sales
2022% of
Net Sales
2023% of
Net Sales
2022% of
Net Sales
(Dollars in millions)
Net sales$1,938.6 $2,205.1 $3,743.8 $4,078.1 
Selling, distribution, and administrative expenses:
Marketing109.4 5.6 %113.3 5.1 %198.0 5.3 %208.9 5.1 %
Selling51.5 2.7 %55.6 2.5 %116.3 3.1 %125.2 3.1 %
Distribution61.0 3.1 %76.5 3.5 %121.9 3.3 %149.3 3.7 %
General and administrative111.6 5.8 %108.9 4.9 %210.9 5.6 %214.7 5.3 %
Total selling, distribution, and administrative expenses$333.5 17.2 %$354.3 16.1 %$647.1 17.3 %$698.1 17.1 %
Amounts may not add due to rounding.






The J.M. Smucker Co.
Unaudited Reportable Segments
Three Months Ended October 31,Six Months Ended October 31,
2023202220232022
(Dollars in millions)
Net sales:
U.S. Retail Coffee$685.7 $709.8 $1,310.8 $1,307.7 
U.S. Retail Consumer Foods464.3 432.2 928.3 743.3 
U.S. Retail Pet Foods464.0 765.2 905.0 1,494.2 
International and Away From Home324.6 297.9 599.7 532.9 
Total net sales$1,938.6 $2,205.1 $3,743.8 $4,078.1 
Segment profit:
U.S. Retail Coffee$171.0 $187.7 $341.1 $333.6 
U.S. Retail Consumer Foods128.5 100.3 234.2 155.1 
U.S. Retail Pet Foods97.2 120.1 178.5 240.4 
International and Away From Home60.2 41.5 96.6 58.1 
Total segment profit$456.9 $449.6 $850.4 $787.2 
Amortization(39.6)(55.6)(79.4)(111.2)
Gain (loss) on divestitures – net(13.8)— (12.6)1.6 
Interest expense – net(35.1)(39.7)(67.2)(78.8)
Change in net cumulative unallocated derivative gains and losses(26.3)(27.1)(15.9)(60.9)
Cost of products sold – special project costs— (2.8)— (3.9)
Other special project costs(6.8)(0.7)(6.8)(2.1)
Other debt costs(19.5)— (19.5)— 
Corporate administrative expenses(71.5)(70.0)(133.3)(137.6)
Other income (expense) – net5.1 (0.8)(27.9)(0.3)
Income before income taxes$249.4 $252.9 $487.8 $394.0 
Segment profit margin:
U.S. Retail Coffee24.9 %26.4 %26.0 %25.5 %
U.S. Retail Consumer Foods27.7 %23.2 %25.2 %20.9 %
U.S. Retail Pet Foods20.9 %15.7 %19.7 %16.1 %
International and Away From Home18.5 %13.9 %16.1 %10.9 %




Non-GAAP Financial Measures
The Company uses non-GAAP financial measures, including: net sales excluding divestitures and foreign currency exchange; adjusted gross profit; adjusted operating income; adjusted income; adjusted earnings per share; earnings before interest, taxes, depreciation, amortization, impairment charges related to intangible assets, and gains and losses on divestitures ("EBITDA (as adjusted)"); and free cash flow, as key measures for purposes of evaluating performance internally. The Company believes that investors' understanding of its performance is enhanced by disclosing these performance measures. Furthermore, these non-GAAP financial measures are used by management in preparation of the annual budget and for the monthly analyses of its operating results. The Board of Directors also utilizes certain non-GAAP financial measures as components for measuring performance for incentive compensation purposes.
Non-GAAP financial measures exclude certain items affecting comparability that can significantly affect the year-over-year assessment of operating results, which include amortization expense and impairment charges related to intangible assets; certain divestiture, acquisition, integration, and restructuring costs ("special project costs"); gains and losses on divestitures; the net change in cumulative unallocated gains and losses on commodity and foreign currency exchange derivative activities ("change in net cumulative unallocated derivative gains and losses"); and other infrequently occurring items that do not directly reflect ongoing operating results. Income taxes, as adjusted is calculated using an adjusted effective income tax rate that is applied to adjusted income before income taxes and reflects the exclusion of the previously discussed items, as well as any adjustments for one-time tax-related activities, when they occur. While this adjusted effective income tax rate does not generally differ materially from the GAAP effective income tax rate, certain exclusions from non-GAAP financial measures can significantly impact the adjusted effective income tax rate.

These non-GAAP financial measures are not intended to replace the presentation of financial results in accordance with U.S. GAAP. Rather, the presentation of these non-GAAP financial measures supplements other metrics used by management to internally evaluate its businesses and facilitate the comparison of past and present operations and liquidity. These non-GAAP financial measures may not be comparable to similar measures used by other companies and may exclude certain nondiscretionary expenses and cash payments. A reconciliation of certain non-GAAP financial measures to the comparable GAAP financial measure for the current and prior year periods is included in the "Unaudited Non-GAAP Financial Measures" tables. The Company has also provided a reconciliation of non-GAAP financial measures for its fiscal year 2024 outlook.



The J.M. Smucker Co.
Unaudited Non-GAAP Financial Measures
Three Months Ended October 31,Six Months Ended October 31,
20232022Increase (Decrease)%20232022Increase (Decrease)%
(Dollars in millions)
Net sales reconciliation:
Net sales$1,938.6 $2,205.1 ($266.5)(12)%$3,743.8 $4,078.1 ($334.3)(8)%
Pet food brands divestiture— (385.0)385.0 17 — (759.1)759.1 19 
Foreign currency exchange2.5 — 2.5 — 6.3 — 6.3 — 
Net sales excluding divestiture and foreign currency exchange $1,941.1 $1,820.1 $121.0 %$3,750.1 $3,319.0 $431.1 13 %
Amounts may not add due to rounding.




The J.M. Smucker Co.
Unaudited Non-GAAP Financial Measures
Three Months Ended October 31,Six Months Ended October 31,
2023202220232022
(Dollars in millions, except per share data)
Gross profit reconciliation:
Gross profit$724.2 $701.1 $1,379.0 $1,253.6 
Change in net cumulative unallocated derivative gains and losses26.3 27.1 15.9 60.9 
Cost of products sold – special project costs— 2.8 — 3.9 
Adjusted gross profit$750.5 $731.0 $1,394.9 $1,318.4 
% of net sales38.7 %33.2 %37.3 %32.3 %
Operating income reconciliation:
Operating income$298.9 $293.4 $602.4 $473.1 
Amortization 39.6 55.6 79.4 111.2 
Loss (gain) on divestitures – net13.8 — 12.6 (1.6)
Change in net cumulative unallocated derivative gains and losses26.3 27.1 15.9 60.9 
Cost of products sold – special project costs— 2.8 — 3.9 
Other special project costs6.8 0.7 6.8 2.1 
Adjusted operating income$385.4 $379.6 $717.1 $649.6 
% of net sales19.9 %17.2 %19.2 %15.9 %
Net income reconciliation:
Net income$194.9 $191.1 $378.5 $300.9 
Income tax expense54.5 61.8 109.3 93.1 
Amortization 39.6 55.6 79.4 111.2 
Loss (gain) on divestitures – net13.8 — 12.6 (1.6)
Change in net cumulative unallocated derivative gains and losses26.3 27.1 15.9 60.9 
Cost of products sold – special project costs— 2.8 — 3.9 
Other special project costs6.8 0.7 6.8 2.1 
Other debt costs – special project costs
19.5 — 19.5 — 
Other expense – special project costs0.4 — 0.4 — 
Other infrequently occurring items:
Unrealized loss (gain) on investment in equity securities – net (A)
(5.9)— 21.5 — 
Pension plan termination settlement charge (B)
— — 3.2 — 
Adjusted income before income taxes$349.9 $339.1 $647.1 $570.5 
Income taxes, as adjusted84.9 82.9 155.1 136.2 
Adjusted income$265.0 $256.2 $492.0 $434.3 
Weighted-average shares outstanding – assuming dilution102.4 106.9 102.6 106.8 
Adjusted earnings per share – assuming dilution$2.59 $2.40 $4.80 $4.07 
(A) Net unrealized loss (gain) on investment in equity securities includes unrealized gains and losses on the change in fair value on the Company's investment in Post common stock and the related equity forward contract.
(B) Represents the nonrecurring pre-tax settlement charge recognized during the first quarter of 2024 related to the acceleration of prior service cost for the portion of the plan surplus to be allocated to plan members within our Canadian defined benefit plans, which is subject to regulatory approval before a payout can be made.




The J.M. Smucker Co.
Unaudited Non-GAAP Financial Measures
Three Months Ended October 31,Six Months Ended October 31,
2023202220232022
(Dollars in millions)
EBITDA (as adjusted) reconciliation:
Net income$194.9 $191.1 $378.5 $300.9 
Income tax expense54.5 61.8 109.3 93.1 
Interest expense – net35.1 39.7 67.2 78.8 
Depreciation53.0 57.1 103.2 112.2 
Amortization39.6 55.6 79.4 111.2 
Loss (gain) on divestitures – net13.8 — 12.6 (1.6)
EBITDA (as adjusted)$390.9 $405.3 $750.2 $694.6 
% of net sales20.2 %18.4 %20.0 %17.0 %
Free cash flow reconciliation:
Net cash provided by (used for) operating activities$176.9 $205.0 $394.8 $166.0 
Additions to property, plant, and equipment(148.7)(102.1)(299.0)(190.4)
Free cash flow$28.2 $102.9 $95.8 ($24.4)




The following tables provide a reconciliation of the Company's fiscal 2024 guidance for estimated adjusted earnings per share and free cash flow.
Year Ending April 30, 2024
LowHigh
Net income per common share – assuming dilution reconciliation:
Net income per common share – assuming dilution (A)
$6.05 $6.45 
Change in net cumulative unallocated derivative gains and losses (B)
0.10 0.10 
Amortization (A)
1.60 1.60 
Special project costs (A)
0.98 0.98 
Loss on divestitures0.09 0.09 
Unrealized loss (gain) on investment in equity securities – net (C)
0.15 0.15 
Pension plan termination settlement charge0.02 0.02 
Adjusted effective income tax rate impact (A)
0.26 0.26 
Adjusted earnings per share$9.25 $9.65 
(A) Includes estimates related to the Hostess Brands acquisition, including amortization, special project costs, and the effective income tax rate impact. These are preliminary estimates that could differ materially as the Company continues to evaluate the impact of purchase accounting adjustments.
(B) We are unable to project derivative gains and losses on a forward-looking basis as these will vary each quarter based on market conditions and derivative positions taken. The change in unallocated derivative gains and losses in the table above reflects the net impact of the gains and losses that have been recognized in our GAAP results and excluded from non-GAAP results as of October 31, 2023, adjusted for the gains and losses expected to be allocated to non-GAAP results for the year ended April 30, 2024.
(C) The net unrealized loss on investment in equity securities in the table above reflects the forward sale of 5.4 million shares of Post common stock received from the pet food divestiture that will settle for $466.3 million during the third quarter of 2024.
Year Ending April 30, 2024
(Dollars in millions)
Free cash flow reconciliation:
Net cash provided by operating activities$1,140 
Additions to property, plant, and equipment(610)
Free cash flow (A)
$530 
(A) The change in free cash flow and capital expenditure guidance, compared to previous expectations, is primarily due to transaction and integration costs and capital expenditures associated with the Hostess Brands acquisition.

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Cover Page
Dec. 05, 2023
Cover [Abstract]  
Document Type 8-K
Document Period End Date Dec. 05, 2023
Entity Registrant Name The J. M. Smucker Company
Entity Incorporation, State or Country Code OH
Entity File Number 001-05111
Entity Tax Identification Number 34-0538550
Entity Address, Address Line One One Strawberry Lane
Entity Address, City or Town Orrville,
Entity Address, State or Province OH
Entity Address, Postal Zip Code 44667-0280
City Area Code 330
Local Phone Number 682-3000
Title of 12(b) Security Common shares, no par value
Trading Symbol SJM
Security Exchange Name NYSE
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0000091419
Amendment Flag false
XML 8 sjm-20231205_htm.xml IDEA: XBRL DOCUMENT 0000091419 2023-12-05 2023-12-05 0000091419 false 8-K 2023-12-05 The J. M. 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