ORRVILLE, Ohio, Nov. 16, 2017 /PRNewswire/ -- The J. M. Smucker Company (NYSE: SJM) today announced results for the second quarter ended October 31, 2017, of its 2018 fiscal year. All comparisons are to the second quarter of the prior fiscal year, unless otherwise noted.
EXECUTIVE SUMMARY
Net sales increased 1 percent, reflecting improved trends from the prior quarter.
Net income per diluted share increased 13 percent to $1.71.
Adjusted earnings per share was $2.02, a decrease of 1 percent.
Cash provided by operating activities was $130.3 million, compared to $136.4 million in the prior year.
Free cash flow was $69.9 million in the quarter and $304.6 million through the first half of fiscal 2018.
The Company updated its full-year 2018 net sales and earnings outlook.
CHIEF EXECUTIVE OFFICER REMARKS
"We are pleased with our second quarter results, primarily driven by our pet food business and the strong performance of a number of key brands across all our businesses," said Mark Smucker, Chief Executive Officer. "This included double-digit sales increases for Nature's Recipe® dog food, Dunkin' Donuts® coffee, and Jif® peanut butter. We also experienced continued strong growth of our brands in e-commerce, as sales in this channel doubled in the quarter for our U.S. retail segments. We are confident in the ability of our brands to win in the rapidly changing retail environment. In addition, we remain focused on achieving sustainable cost reductions that support both the bottom-line and fuel investments in future growth."
