The J.m. Smucker Company · NYSE:SJM

The J.m. Smucker — Q2 2022 Earnings Presentation

14 slides from The J.m. Smucker's earnings presentation, Nov 23, 2021

  1. Slide 1: Fiscal 2022 Second Quarter Earnings

    Fiscal 2022 Second Quarter Earnings SUPPLEMENTARY INFORMATION November 23, 2021

  2. Slide 2: Consolidated Results

    Consolidated Results ($ in millions, except per share data) FY22 Q2 FY21 Q2 YoY Change Net Sales $2,050.0 $2,034.0 1% Adjusted Gross Profit $730.9 $786.7 (7%) Adjusted Gross Profit Margin 35.7% 38.7% -300bps Adjusted Operating Income $387.9 $408.8 (5%) Adjusted Operating Income Margin 18.9% 20.1% -1

  3. Slide 3: Consolidated Results: Net Sales Analysis

    Consolidated Results Net Sales Analysis ($ in millions) $61 $6 ($136) $85 $2,034 $2,050 YoY Change 4% 3% 0% (7%) Note: Amounts may not add due to rounding FY22 Q2 EARNINGS SUPPLEMENT 3

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

    Consolidated Results Balance Sheet/Cash Flow Highlights ($ in millions) FY22 Q2 FY21 Q2 Cash from Operations $165.1 $378.7 Capital Expenditures (59.2) (52.4) Free Cash Flow $105.9 $326.3 October 31, 2021 April 30, 2021 Total Debt (Gross) $4,628.8 $4,751.7 EBITDA (as adjusted, TTM) $1,656.9 $1,805.3

  5. Slide 5: Segment Results: FY22 Q2

    Segment Results: FY22 Q2 PET CONSUMER COFFEE INT’L & AFH FOODS FOODS ($ in millions) Net Sales $701.6 $645.1 $441.2 $262.1 YoY Change (1%) 8% (8%) 4% YoY Net Sales Change Summary: Acquisition/Divestiture (7%) - (16%) (4%) Foreign Currency Exchange - - - 2% Net Sales Excluding Divestitures and Foreig

  6. Slide 6: Full-Year Fiscal 2022 Outlook

    Full-Year Fiscal 2022 Outlook Current Previous Net Sales (0.5%) - 0.5% (2.5%) - (1.5%) Adjusted EPS – Assuming Dilution $8.35 - $8.75 $8.25 - $8.65 Free Cash Flow (in millions) $700 $800 Capital Expenditures (in millions) $400 $380 Adjusted Effective Income Tax Rate 24.0% 24.0% FY22 Q2 EARNINGS SUPP

  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 divestitures and foreign currency exchange; adjusted gross profit; adjusted operating income; adjusted income; adjusted earnings per share; earnings before interest, taxes, depreciation, amortiza

  9. Slide 9: Unaudited Non-GAAP Financial Measures

    Unaudited Non-GAAP Financial Measures ($ in millions) Three Months Ended October 31, 2021 2020 Gross profit reconciliation: Gross profit $711.5 $818.2 Change in net cumulative unallocated derivative gains and losses 13.3 (31.5) Cost of products sold – special project costs 6.1 - Adjusted gross profi

  10. Slide 10: Unaudited Non-GAAP Financial Measures

    Unaudited Non-GAAP Financial Measures ($ and shares in millions, except per share data) Three Months Ended October 31, 2021 2020 Net income reconciliation: Net income $206.0 $230.8 Income tax expense 62.8 72.7 Amortization 55.4 59.5 Change in net cumulative unallocated derivative gains and losses 13

  11. Slide 11: Unaudited Non-GAAP Financial Measures

    Unaudited Non-GAAP Financial Measures ($ in millions) Three Months Ended TTM Ended Year Ended January 31, April 30, July 31, October 31, October 31, April 30, 2021 2021 2021 2021 2021 2021 EBITDA (as adjusted) reconciliation: Net income $261.5 $147.0 $153.9 $206.0 $768.4 $876.3 Income tax expense 10

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

    Non-GAAP Reconciliation Company Guidance Year Ending April 30, 2022 Low High Net income per common share – assuming dilution reconciliation: Net income per common share – assuming dilution $ 6.17 $ 6.57 Change in net cumulative unallocated derivative gains and losses (A) 0.43 0.43 Amortization 1.54

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

    Non-GAAP Reconciliation Company Guidance ($ in millions) Year Ending April 30, 2022 Free cash flow reconciliation: Net cash provided by operating activities $ 1,100 Additions to property, plant, and equipment (400) Free cash flow $ 700 FY22 Q2 EARNINGS SUPPLEMENT 13

  14. Slide 14: 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/ FY22 Q2 EARNINGS SUPPLEMENT 14

The J.M. Smucker Company — Q2 2022 Earnings Presentation on 6ix