The J. M. Smucker Company (NYSE: SJM) today announced results for the first quarter ended July 31, 2018.
The company, based in Orrville, Ohio, reported net sales increased $153.6 million, or 9%, reflecting the acquisition of Ainsworth Pet Nutrition, LLC on May 14. Net income per diluted share was $1.17.
Adjusted earnings per share was $1.78, an increase of 18%.
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.
According to CEO Mark Smucker, "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."
The company’s full-year outlook reads so: net sales are projected around $8 billion, down from the previous $8.3 million, with adjusted earnings per share staying pretty much static in the $8.40 - $8.65 range.
Shares in SJM began Tuesday down $2.44, o r2.1%, to $113.43, within a 52-week range of $96.13 to $133.38.
