J M Smucker Co (NYSE:SJM) fell on Thursday markets, after the company announced results for the fourth quarter of its 2019 fiscal year. Financial results for the fourth quarter and fiscal year include the contribution from Ainsworth Pet Nutrition, LLC, which was acquired in May 2018, and reflect the divestiture of the Company's U.S. baking business on August 2018.
The jam company, based in Orrville, Ohio, announced fourth-quarter net sales increased $120.8 million, or 7%, driven by the addition of Ainsworth and the Company's growth brands.
Net income per diluted share was $0.63, including a non-cash impairment charge related to the Natural Foods business within the U.S. Retail Consumer Foods segment.
Adjusted earnings per share was $2.08, an increase of 8%.
CEO Mark Smucker remarked, "We are pleased with the progress that we made during the year towards executing against our strategic plan, which supported fourth quarter adjusted earnings growth of 8% and full-year adjusted earnings growth of 4%.
"We successfully integrated Ainsworth, extending our leadership in pet foods, while our key growth brands delivered double-digit sales growth, demonstrating the power of our brands when supported by ongoing product innovation, including 1850® coffee and Jif Power Ups."
The Company provided its fiscal 2020 outlook, with expected net sales growth of 1% to 2% and adjusted earnings per share to range from $8.45 to $8.65.
Smucker shares retreated $3.47, or 2.8%, to $121.71
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