The J.m. Smucker Company · NYSE:SJM
The J.m. Smucker — Q1 2020 Earnings Presentation
13 slides from The J.m. Smucker's earnings presentation, Aug 27, 2019
Slide 1: The J. M. Smucker Company First Quarter Fiscal 2020 Earnings
The J. M. Smucker Company First Quarter Fiscal 2020 Earnings SUPPLEMENTARY INFORMATION August 27, 2019
Slide 2: Consolidated Results
Consolidated Results ($ in millions, except per share data) FY20 Q1 FY19 Q1 YoY Change Net Sales $1,779 $1,903 (6%) Adjusted Gross Profit $671 $700 (4%) Adjusted Gross Profit Margin 37.7% 36.8% 90bps Adjusted Operating Income $291 $317 (8%) Adjusted Operating Income Margin 16.3% 16.7% -40bps Adjuste
Slide 3: Consolidated Results: Net Sales Analysis
Consolidated Results Net Sales Analysis $1,903M ($50M) ($24M) ($2M) ($48M) $1,779M YoY Change (3%) (1%) (0%) (3%) Note: Amounts may not add due to rounding 3
Slide 4: Balance Sheet/Cash Flow Highlights
Consolidated Results Balance Sheet/Cash Flow Highlights ($ in millions) FY20 Q1 FY19 Q1 Cash from Operations $222 $243 Capital Expenditures (73) (101) Free Cash Flow $149 $142 July 31, 2019 April 30, 2019 Total Debt (Gross) $5,780 $5,911 EBITDA (as adjusted, TTM) $1,588 $1,561 Gross Debt/EBITDA (TTM
Slide 5: Segment Results – FY20 Q1
Segment Results – FY20 Q1 PET CONSUMER INT’L & AWAY COFFEE ($ in millions) FOODS FOODS FROM HOME Net Sales $670 $466 $402 $241 YoY Change 0% (5%) (17%) (7%) YoY Net Sales Change Summary: Volume/Mix (6%) (2%) 1% (3%) Net Price Realization 2% (3%) (4%) (2%) Acquisition/Divestiture 4% - (15%) (1%) Fore
Slide 6: Full-Year Fiscal 2020 Outlook
Full-Year Fiscal 2020 Outlook Current Previous Net Sales (1%) - 0% +1% - +2% Adjusted EPS – assuming dilution $8.35 - $8.55 $8.45 - $8.65 Free Cash Flow $875M - $925M $875M - $925M Capital Expenditures $300M - $320M $300M - $320M Effective Tax Rate 24.5% - 25.0% 24.5% - 25.0% 6
Slide 7: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking statements, such as projected net sales, operating results, earnings, and cash flows that are subject to risks and uncertainties that could cause actual results to differ materially from future results expressed or implied by thos
Slide 8: Non-GAAP Financial Measures
Non-GAAP Financial Measures The Company uses non-GAAP financial measures, including: net sales excluding acquisition, divestiture, and foreign currency exchange; adjusted gross profit; adjusted operating income; adjusted income; adjusted earnings per share; earnings before interest, taxes, depreciat
Slide 9: Non-GAAP Reconciliation
Non-GAAP Reconciliation ($ in millions) Three Months Ended July 31, 2019 2018 Gross profit reconciliation: Gross profit $ 699.6 $ 678.2 Unallocated derivative losses (gains) (29.0) 22.0 Adjusted gross profit $ 670.6 $ 700.2 Operating income reconciliation: Operating income $ 257.6 $ 226.9 Amortizati
Slide 10: Non-GAAP Reconciliation
Non-GAAP Reconciliation Three Months Ended July 31, ($ and shares in millions, except per share data) 2019 2018 Net income reconciliation: Net income $ 154.6 $ 133.0 Income tax expense 52.1 40.1 Amortization 58.8 60.5 Unallocated derivative losses (gains) (29.0) 22.0 Other special project costs 3.3
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, 2018 2019 2019 2019 2019 2019 EBITDA (as adjusted) reconciliation: Net income $ 188.5 $ 121.4 $ 71.5 $ 154.6 $536.0 $ 514.4 Income tax expense 80.9 35.8 30.4
Slide 12: Non-GAAP Reconciliation: Company Guidance
Non-GAAP Reconciliation Company Guidance Year Ending April 30, 2020 ($ in millions, except per share data) Low High Net income per common share – assuming dilution reconciliation: Net income per common share – assuming dilution $ 7.01 $ 7.21 Net cumulative unallocated (losses) gains (0.35) (0.35) Sp
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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