News
J M Smucker's net sales dip 2% in 3rd quarter
March 3, 2020
The JM Smucker Company reported net sales decreased $39.6 million, or 2%, for the third quarter that ended Jan. 31, 2020, primarily reflecting anticipated declines within the U.S. retail pet foods segment. Net income per diluted share was $1.64. Adjusted earnings per share was $2.35, an increase of 4%, according to a company press release.
Cash from operations was $521.6 million, an increase of 24%. Free cash flow was $465.1 million in the quarter, compared to $333 million in the prior year.
The company reaffirmed its full-year fiscal 2020 net sales, adjusted earnings per share and free cash flow outlook.
"Third quarter results were in-line with our expectations, benefiting from continued investment in our strategic growth imperatives and the decisive actions we are taking to improve certain areas of the business,” Mark Smucker, president and chief executive officer, said in the release. “Net sales performance reflected strong growth for the Smucker's Uncrustables brand and improved volume fundamentals for our coffee and peanut butter brands, which supported market share and household penetration growth in both categories."
