The J.m. Smucker Company · NYSE:SJM

The J.m. Smucker — Q2 2021 Earnings Presentation

13 slides from The J.m. Smucker's earnings presentation, Nov 24, 2020

  1. Slide 1: Second Quarter Fiscal 2021 Earnings

    Second Quarter Fiscal 2021 Earnings SUPPLEMENTARY INFORMATION November 24, 2020

  2. Slide 2: Consolidated Results

    Consolidated Results ($ in millions, except per share data) FY21 Q2 FY20 Q2 YoY Change Net Sales $2,034.0 $1,957.8 4% Adjusted Gross Profit $786.7 $753.1 4% Adjusted Gross Profit Margin 38.7% 38.5% 20bps Adjusted Operating Income $408.8 $391.0 5% Adjusted Operating Income Margin 20.1% 20.0% 10bps Ad

  3. Slide 3: Consolidated Results: Net Sales Analysis

    Consolidated Results Net Sales Analysis $67M $10M $0M $2,034M $1,958M YoY Change 3% 0% 0% Note: Amounts may not add due to rounding FY21 Q2 EARNINGS SUPPLEMENT 3

  4. Slide 4: Consolidated Results: Balance Sheet/Cash Flow Highlights

    Consolidated Results Balance Sheet/Cash Flow Highlights ($ in millions) FY21 Q2 FY20 Q2 Cash from Operations $378.7 $224.0 Capital Expenditures (52.4) (63.4) Free Cash Flow $326.3 $160.6 October 31, 2020 April 30, 2020 Total Debt (Gross) $5,151.8 $5,621.3 EBITDA (as adjusted, TTM) $1,845.1 $1,714.8

  5. Slide 5: Segment Results: FY21 Q2

    Segment Results: FY21 Q2 PET CONSUMER INT’L & COFFEE ($ in millions) FOODS FOODS AFH Net Sales $708.7 $594.7 $479.1 $251.5 YoY Change 0% 9% 12% (10%) YoY Net Sales Change Summary: Volume/Mix 1% 10% 7% (11%) Net Price Realization (1%) (1%) 5% 1% Foreign Currency Exchange - - - 0% Segment Profit $124.

  6. Slide 6: Full-Year Fiscal 2021 Outlook

    Full-Year Fiscal 2021 Outlook CURRENT PREVIOUS Net Sales 1% – 2% 0% – 1% Adjusted EPS – Assuming Dilution $8.55 - $8.85 $8.20 – $8.60 Free Cash Flow $975M - $1,025M $925M – $975M Capital Expenditures $315M $300M Effective Tax Rate 24.0% 24.0% Note: The full-year fiscal 2021 guidance does not reflect

  7. 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

  8. 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

  9. Slide 9: Non-GAAP Reconciliation

    Non-GAAP Reconciliation ($ in millions) Three Months Ended October 31, 2020 2019 Gross profit reconciliation: Gross profit $818.2 $754.0 Unallocated derivative losses (gains) (31.5) (0.9) Adjusted gross profit $786.7 $753.1 Operating income reconciliation: Operating income $380.8 $329.8 Amortization

  10. Slide 10: Non-GAAP Reconciliation

    Non-GAAP Reconciliation Three Months Ended October 31, ($ and shares in millions, except per share data) 2020 2019 Net income reconciliation: Net income $230.8 $211.2 Income tax expense 72.7 67.9 Amortization 59.5 58.8 Unallocated derivative losses (gains) (31.5) (0.9) Other special project costs -

  11. Slide 11: Non-GAAP Reconciliation

    Non-GAAP Reconciliation ($ in millions) Three Months Ended TTM Ended Year Ended January 31, April 30, July 31, October 31, October 31, April 30, 2020 2020 2020 2020 2020 2020 EBITDA (as adjusted) reconciliation: Net income $187.4 $226.3 $237.0 $230.8 $881.5 $779.5 Income tax expense 55.1 72.1 76.6 7

  12. Slide 12: Non-GAAP Reconciliation: Company Guidance

    Non-GAAP Reconciliation Company Guidance Year Ending April 30, 2021 ($ and shares in millions, except per share data) Low High Net income per common share – assuming dilution reconciliation: Net income per common share – assuming dilution $ 7.05 $ 7.35 Unallocated derivative losses (gains)(A) (0.25)

  13. Slide 13: Additional Information

    Additional Information: Aaron Broholm Vice President, Investor Relations aaron.broholm@jmsmucker.com Phone: (330) 682-3000 Investor Relations Website: https://investors.jmsmucker.com/ 13

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