The J. M. Smucker Company Announces Fiscal 2017 Fourth Quarter Results And Fiscal 2018 Outlook

ORRVILLE, Ohio, June 8, 2017 /PRNewswire/ -- The J. M. Smucker Company (NYSE: SJM) today announced results for the fourth quarter ended April 30, 2017, of its 2017 fiscal year.  All comparisons are to the fourth quarter of the prior fiscal year, unless otherwise noted.   

EXECUTIVE SUMMARY 

• Net sales decreased 1 percent, primarily reflecting declines within the U.S. Retail Pet Foods segment.   
• Net income per diluted share was $0.96 in the fourth quarter, including a noncash impairment charge primarily related to certain indefinite-lived trademarks within the U.S. Retail Pet Foods segment, compared to $1.61 in the prior year.  The prior year included a $0.42 per share noncash deferred tax benefit.  For the full year, net income per diluted share was $5.10. 
• Adjusted earnings per share was $1.80 in the fourth quarter, compared to $2.23 in the prior year, which included the $0.42 per share noncash deferred tax benefit.  For the full year, adjusted earnings per share was $7.72. This compares to $7.79 in the prior year, which included the $0.42 per share noncash deferred tax benefit and a $0.15 per share gain on the U.S. canned milk divestiture. 
• Incremental synergy realization was $35.2 million in the fourth quarter and $122.0 million for the full year. 
• Cash provided by operating activities was $264.2 million in the fourth quarter.  Free cash flow was$208.4 million in the quarter and $866.6 million in fiscal 2017.   
• The Company provided its fiscal 2018 outlook, with adjusted earnings per share expected to range from$7.85 to $8.05. 

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