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The J.M. Smucker Co. Announces Fiscal 2022 Second Quarter Results
ORRVILLE, Ohio, November 23, 2021 /PRNewswire/ -- The J.M. Smucker Co. (NYSE: SJM) today announced results for the second quarter ended October 31, 2021, of its 2022 fiscal year. Financial results for the second quarter of fiscal year 2022 reflect the divestiture of the Crisco® business on December 1, 2020, and the divestiture of the Natural Balance® business on January 29, 2021. All comparisons are to the second quarter of the prior fiscal year, unless otherwise noted.
EXECUTIVE SUMMARY
•Net sales increased $16.0 million, or 1 percent. Net sales excluding divestitures and foreign currency exchange increased 8 percent.
•Net income per diluted share was $1.90, a decrease of 6 percent. Adjusted earnings per share was $2.43, an increase of 2 percent.
•Cash from operations was $165.1 million, a decrease of 56 percent. Free cash flow was $105.9 million, compared to $326.3 million in the prior year.
•The Company updated its full-year fiscal 2022 financial outlook.
CHIEF EXECUTIVE OFFICER REMARKS
"Our second quarter results, including comparable net sales growth of 8 percent, exceeded our expectations and demonstrated sustained momentum for our business and strong execution by our talented employees in what remains a dynamic operating environment," said Mark Smucker, President and Chief Executive Officer. "We delivered robust organic top-line growth across each of our segments, reflecting consumers' continued desire for our brands and the successful implementation of initial pricing actions."
"We are pleased with our ability to increase our net sales and adjusted earnings per share expectations for the fiscal year despite increasing cost inflation and continued supply chain disruption. We remain confident that the actions we are taking to execute our strategy are positioning us to deliver sustainable growth and create shareholder value over the long term."