The J.m. Smucker Company · NYSE:SJM

The J.m. Smucker — Q1 2024 Earnings Presentation

15 slides from The J.m. Smucker's earnings presentation, Aug 29, 2023

  1. Slide 1: Fiscal 2024 First Quarter Results Supplementary Information

    FISCAL 2024 FIRST QUARTER RESULTS SUPPLEMENTARY INFORMATION August 29, 2023

  2. Slide 2: Executive Summary

    EXECUTIVE SUMMARY • Net sales decreased 4% Comparable net sales increased 21% (excl. divestiture & foreign currency exchange) • Net income per diluted share was $1.79 Adjusted earnings per share was $2.21, an increase of 32% • Free cash flow was $67.6 million, compared to $(127.3) million in the pri

  3. Slide 3: Consolidated Results

    CONSOLIDATED RESULTS ($ in millions, except per share data) FY24 Q1 FY23 Q1 YoY Change Net Sales $1,805.2 $1,873.0 (4%) Adjusted Gross Profit $644.4 $587.4 10% Adjusted Gross Profit Margin 35.7% 31.4% 430bps Adjusted Operating Income $331.7 $270.0 23% Adjusted Operating Income Margin 18.4% 14.4% 400

  4. Slide 4: Consolidated Results: Net Sales Analysis

    CONSOLIDATED RESULTS Net Sales Analysis ($ in millions) $1,873 $1,805 YoY Change 10% 6% (0%) (20%) FY24 Q1 RESULTS SUPPLEMENT Note: Amounts may not add due to rounding 4

  5. Slide 5: Consolidated Results: Balance Sheet/Cash Flow Highlights

    CONSOLIDATED RESULTS Balance Sheet/Cash Flow Highlights ($ in millions) FY24 Q1 FY23 Q1 Cash Provided by (Used for) Operations $217.9 $(39.0) Capital Expenditures (150.3) (88.3) Free Cash Flow $67.6 $(127.3) July 31, 2023 April 30, 2023 Total Debt (Gross) $4,315.1 $4,314.2 EBITDA (as adjusted, TTM)

  6. Slide 6: Segment Results: FY24 Q1

    SEGMENT RESULTS: FY24 Q1 CONSUMER PET COFFEE (1) INT’L & AFH FOODS FOODS ($ in millions) Net Sales $625.1 $464.0 $441.0 $275.1 YoY Change 5% 49% (40%) 17% YoY Net Sales Change Summary: Acquisition/Divestiture - - (50%) (3%) Foreign Currency Exchange - - - (2%) Net Sales Excluding Divestitures and Fo

  7. Slide 7: Full-Year Fiscal 2024 Outlook

    FULL-YEAR FISCAL 2024 OUTLOOK Current Previous Comparable Net Sales Increase 8.5% – 9.5% 8.5% – 9.5% (1) Adjusted EPS – Assuming Dilution $9.45 – $9.85 $9.20 – $9.60 Free Cash Flow (in millions) $650 $650 Capital Expenditures (in millions) $550 $550 Adjusted Effective Income Tax Rate 24.0% 24.2% FY2

  8. Slide 8: 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

  9. Slide 9: Non-GAAP Financial Measures

    NON-GAAP FINANCIAL MEASURES The Company uses non-GAAP financial measures, including: net sales excluding divestitures and foreign currency exchange; adjusted gross profit; adjusted operating income; adjusted income; adjusted earnings per share; earnings before interest, taxes, depreciation, amortiza

  10. Slide 10: Unaudited Non-GAAP Financial Measures

    UNAUDITED NON-GAAP FINANCIAL MEASURES ($ in millions) Three Months Ended July 31, 2023 2022 Gross profit reconciliation: Gross profit $654.8 $552.5 Change in net cumulative unallocated derivative gains and losses (10.4) 33.8 Cost of products sold – special project costs - 1.1 Adjusted gross profit $

  11. Slide 11: Unaudited Non-GAAP Financial Measures

    UNAUDITED NON-GAAP FINANCIAL MEASURES Three Months Ended July 31, ($ and shares in millions, except per share data) 2023 2022 Net income reconciliation: Net income $183.6 $109.8 Income tax expense 54.8 31.3 Amortization 39.8 55.6 Loss (gain) on divestitures – net (1.2) (1.6) Change in net cumulative

  12. Slide 12: Unaudited Non-GAAP Financial Measures

    UNAUDITED NON-GAAP FINANCIAL MEASURES ($ in millions) Three Months Ended TTM Ended Year Ended October 31, January 31, April 30, July 31, July 31, April 30, 2022 2023 2023 2023 2023 2023 EBITDA (as adjusted) reconciliation: Net income $191.1 $208.5 ($600.7) $183.6 ($17.5) ($91.3) Income tax expense 6

  13. Slide 13: Non-GAAP Reconciliation: Company Guidance

    NON-GAAP RECONCILIATION Company Guidance Year Ending April 30, 2024 Low High Net income per common share – assuming dilution reconciliation: Net income per common share – assuming dilution $8.01 $ 8.41 Change in net cumulative unallocated derivative gains and losses (A) 0.12 0.12 Amortization 1.16 1

  14. Slide 14: Non-GAAP Reconciliation: Free Cash Flow Guidance

    NON-GAAP RECONCILIATION Company Guidance ($ in millions) Year Ending April 30, 2024 Free cash flow reconciliation: Net cash provided by operating activities $ 1,200 Additions to property, plant, and equipment (550) Free cash flow $ 650 FY24 Q1 RESULTS SUPPLEMENT 14

  15. Slide 15: Additional Information

    ADDITIONAL INFORMATION: Aaron Broholm Vice President, Investor Relations ir.team@jmsmucker.com Phone: (330) 682-3000 Investor Relations Website: https://investors.jmsmucker.com/ FY24 Q1 RESULTS SUPPLEMENT 15

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