ORRVILLE, Ohio, Nov. 19, 2014 /PRNewswire/ -- The J. M. Smucker Company (NYSE: SJM) today announced results for the second quarter ended October 31, 2014, of its 2015 fiscal year. Results for the quarter and six months ended October 31, 2014 and 2013, include the operations of Sahale Snacks, Inc.("Sahale") since the completion of the acquisition on September 2, 2014, Enray Inc. ("Enray") since the completion of the acquisition on August 20, 2013, and the impact of the Company's licensing and distribution agreement with Cumberland Packing Corp. ("Cumberland"), which commenced on July 1, 2013.
Executive Summary
- Second quarter net sales decreased 5 percent in 2015, compared to 2014, reflecting decreased volume, most significantly in the U.S. Retail Coffee segment.
- Operating income excluding the impact of restructuring and merger and integration costs and unallocated derivative gains and losses ("certain items affecting comparability") decreased 4 percent in the second quarter of 2015, compared to 2014, and was attributed to the impact of a decline in gross profit, driven by the U.S. Retail Coffee segment, offset by lower marketing expenses.
- Income excluding certain items affecting comparability decreased 3 percent in the second quarter of 2015, compared to 2014, due to the decrease in operating income partially offset by a decrease in interest expense.
- Second quarter income per diluted share, excluding certain items affecting comparability, was flat in 2015, compared to 2014, and benefited from the Company's share repurchase activities during the second half of fiscal 2014 which reduced weighted average shares outstanding by 3 percent.
- Net income per diluted share increased 6 percent in the second quarter of 2015, compared to 2014, reflecting a favorable change in unallocated derivative gains and losses. Full report.
