J M Smucker Announces Fiscal 2015 Third-Quarter Results

PRESS RELEASE

-- Q3 Consumer Foods and International, Foodservice, and Natural Foods segment profit up 9% and 13%, respectively

-- Q3 results continue to be significantly impacted by volume declines in Coffee segment

-- Q4 outlook updated

ORRVILLE, OH -- Feb. 13 --The J. M. Smucker Company today announced results for the third quarter ended January 31, 2015. Results for the quarter and nine months ended January 31, 2015 and 2014, include the operations of Sahale Snacks Inc. since the completion of the acquisition on September 2, 2014, Enray Inc. since the completion of the acquisition on August 20, 2013, and the impact of the Company's licensing and distribution agreement with Cumberland Packing Corp., which commenced on July 1, 2013.

Third-quarter net sales decreased 2% in 2015, compared to 2014, reflecting decreased volume, most significantly in the U.S. Retail Coffee segment.

Operating income excluding the impact of restructuring and merger and integration costs and unallocated derivative gains and losses ("certain items affecting comparability") decreased 8% in the third quarter of 2015, compared to 2014, attributed to the impact of a decline in gross profit, driven by the U.S. Retail Coffee segment.

Income excluding certain items affecting comparability also decreased 8% in the third quarter of 2015, compared to 2014.

Third-quarter income per diluted share excluding certain items affecting comparability decreased 6% in 2015, compared to 2014, and benefited from the company's share repurchase activities during the fourth quarter of fiscal 2014 which reduced weighted average shares outstanding by 3%.

See full release here.