ORRVILLE, Ohio, Aug. 21, 2018 /PRNewswire/ -- The J. M. Smucker Company announced results for the first quarter ended July 31, 2018, of its 2019 fiscal year. All comparisons are to the first quarter of the prior fiscal year, unless otherwise noted. Certain items previously reported in the financial statements have been reclassified to conform with the current year presentation.
EXECUTIVE SUMMARY
- Net sales increased $153.6 million, or 9 percent, reflecting the acquisition of Ainsworth Pet Nutrition, LLC ("Ainsworth") on May 14, 2018.
- Net income per diluted share was $1.17. Adjusted earnings per share was $1.78, an increase of 18 percent.
- Both fiscal 2019 first quarter earnings per share measures included an unfavorable $0.07 per share impact from a purchase accounting adjustment attributable to acquired Ainsworth inventory.
- Cash provided by operating activities was $243.0 million and free cash flow was $141.7 million.
- The Company updated its full-year fiscal 2019 outlook reflecting the anticipated impact from the pending divestiture of its U.S. baking business.
CHIEF EXECUTIVE OFFICER REMARKS
"Our strong first quarter earnings reflect the execution of our strategy, aligning our portfolio for growth in pet food, coffee, and snacking," said Mark Smucker, Chief Executive Officer. "During the first quarter, we completed the Ainsworth acquisition, which drove much of our year-over-year sales growth, and we are making significant progress toward integrating the business. We also announced a planned divestiture of our U.S. baking business, which is expected to close at the end of this month. In addition, we had strong first quarter performance for key growth brands including Dunkin' Donuts®, Smucker's® Uncrustables®, Nature's Recipe®, and Café Bustelo® while continuing to execute our cost reduction programs to enhance margins and provide fuel for investments in future growth."
