ORRVILLE, Ohio, June 4, 2015 /PRNewswire/ -- The J. M. Smucker Company (NYSE: SJM) today announced results for the fourth quarter and year ended April 30, 2015.
"Our 2015 adjusted earnings per share of $5.38, excluding the Big Heart Pet Brands acquisition and financing impacts, were in line with expectations," said Richard Smucker, Chief Executive Officer. "While these results were significantly impacted by the challenges in our U.S. Retail Coffee segment, we are optimistic about our current initiatives and confident in the long-term prospects of our coffee business. During the quarter, we completed the largest acquisition in our Company's history, adding some of America's best known pet brands to the Smucker portfolio. As we collaborate with the Big Heart team and integrate the pet food business, we are even more confident in our combined strengths and the opportunities for future growth."
"We enter the new fiscal year as a larger, stronger, and more diversified company, and are excited about the opportunities that lie ahead," added Vince Byrd, Vice Chairman. "In 2016, we will build on our innovation success with the introduction of a number of new products, highlighted by our recent launch of Dunkin' Donuts® K-Cup® pods. The major supply chain optimization and capacity expansion projects of the past few years are now essentially complete, further supporting our innovation efforts and future growth. Our teams are now focused on accomplishing a seamless integration of the pet food business, realizing $200 million in annual synergies by the end of 2018, and delivering on cash flow targets in support of our deleveraging objectives. For 2016, we expect earnings per share in the range of $5.65 to $5.80, which includes the realization of $25 million of synergies." Full report.
