The J.m. Smucker Company · NYSE:SJM
The J.m. Smucker — Q1 2021 Earnings Presentation
13 slides from The J.m. Smucker's earnings presentation, Aug 25, 2020
Slide 1: The J. M. Smucker Company First Quarter Fiscal 2021 Earnings
The J. M. Smucker Company First Quarter Fiscal 2021 Earnings SUPPLEMENTARY INFORMATION August 25, 2020
Slide 2: Consolidated Results
Consolidated Results ($ in millions, except per share data) FY21 Q1 FY20 Q1 YoY Change Net Sales $1,971.8 $1,778.9 11% Adjusted Gross Profit $759.2 $670.6 13% Adjusted Gross Profit Margin 38.5% 37.7% 80bps Adjusted Operating Income $404.5 $290.7 39% Adjusted Operating Income Margin 20.5% 16.3% 420bp
Slide 3: Consolidated Results: Net Sales Analysis
Consolidated Results Net Sales Analysis $197M -$1M -$3M $1,784M $1,972M $1,779M YoY Change 11% (0%) (0%) Note: Amounts may not add due to rounding 3
Slide 4: Balance Sheet/Cash Flow Highlights
Consolidated Results Balance Sheet/Cash Flow Highlights ($ in millions) FY21 Q1 FY20 Q1 Cash from Operations $409.0 $221.5 Capital Expenditures (76.6) (73.0) Free Cash Flow $332.4 $148.5 July 31, 2020 April 30, 2020 Total Debt (Gross) $5,368.6 $5,621.3 EBITDA (as adjusted, TTM) $1,822.5 $1,714.8 Gro
Slide 5: Segment Results: FY21 Q1
Segment Results: FY21 Q1 PET CONSUMER INT’L & AWAY COFFEE ($ in millions) FOODS FOODS FROM HOME Net Sales $692.6 $570.9 $489.2 $219.1 YoY Change 3% 23% 22% (9%) YoY Net Sales Change Summary: Volume/Mix 5% 23% 19% (8%) Net Price Realization (2%) 0% 3% 0% Foreign Currency Exchange - - - (1%) Segment P
Slide 6: Full-Year Fiscal 2021 Outlook
Full-Year Fiscal 2021 Outlook Current Previous Net Sales 0% – 1% (2%) – (1%) Adjusted EPS – Assuming Dilution $8.20 - $8.60 $7.90 - $8.30 Free Cash Flow $925M - $975M $900M - $950M Capital Expenditures $300M $300M Effective Tax Rate 24.0% 24.0% 6
Slide 7: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking statements, such as projected net sales, operating results, earnings, and cash flows that are subject to risks and uncertainties that could cause actual results to differ materially from future results expressed or implied by thos
Slide 8: Non-GAAP Financial Measures
Non-GAAP Financial Measures The Company uses non-GAAP financial measures, including: net sales excluding foreign currency exchange; adjusted gross profit; adjusted operating income; adjusted income; adjusted earnings per share; earnings before interest, taxes, depreciation, amortization, and impairm
Slide 9: Non-GAAP Reconciliation
Non-GAAP Reconciliation ($ in millions) Three Months Ended July 31, 2020 2019 Gross profit reconciliation: Gross profit $775.4 $699.6 Unallocated derivative losses (gains) (16.2) (29.0) Adjusted gross profit $759.2 $670.6 Operating income reconciliation: Operating income $361.1 $257.6 Amortization 5
Slide 10: Non-GAAP Reconciliation
Non-GAAP Reconciliation Three Months Ended July 31, ($ and shares in millions, except per share data) 2020 2019 Net income reconciliation: Net income $237.0 $154.6 Income tax expense 76.6 52.1 Amortization 59.6 58.8 Unallocated derivative losses (gains) (16.2) (29.0) Other special project costs - 3.
Slide 11: Non-GAAP Reconciliation
Non-GAAP Reconciliation ($ in millions) Three Months Ended TTM Ended Year Ended October 31, January 31, April 30, July 31, July 31, April 30, 2019 2020 2020 2020 2020 2020 EBITDA (as adjusted) reconciliation: Net income $ 211.2 $ 187.4 $ 226.3 $ 237.0 $861.9 $ 779.5 Income tax expense 67.9 55.1 72.1
Slide 12: Non-GAAP Reconciliation: Company Guidance
Non-GAAP Reconciliation Company Guidance Year Ending April 30, 2021 ($ in millions, except per share data) Low High Net income per common share – assuming dilution reconciliation: Net income per common share – assuming dilution $ 6.83 $ 7.23 Unallocated derivative losses (gains)(A) (0.22) (0.22) Amo
Slide 13: The J. M. Smucker Company
The J. M. Smucker Company Additional Information: jmsmucker.com/investor-relations Contact: Aaron Broholm Vice President, Investor Relations aaron.broholm@jmsmucker.com Phone: (330) 682-3000
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