The J.m. Smucker Company · NYSE:SJM

The J.m. Smucker — Q2 2023 Earnings Presentation

14 slides from The J.m. Smucker's earnings presentation, Nov 21, 2022

  1. Slide 1: Fiscal 2023 Second Quarter Earnings Supplementary Information

    FISCAL 2023 SECOND QUARTER EARNINGS SUPPLEMENTARY INFORMATION November 21, 2022

  2. Slide 2: Consolidated Results

    CONSOLIDATED RESULTS ($ in millions, except per share data) FY23 Q2 FY22 Q2 YoY Change Net Sales $2,205.1 $2,050.0 8% Adjusted Gross Profit $731.0 $730.9 0% Adjusted Gross Profit Margin 33.2% 35.7% -250bps Adjusted Operating Income $379.6 $387.9 (2%) Adjusted Operating Income Margin 17.2% 18.9% -170

  3. Slide 3: Consolidated Results: Net Sales Analysis

    CONSOLIDATED RESULTS Net Sales Analysis ($ in millions) $339 ($7) ($65) $2,205 $2,050 ($112) YoY Change (5%) 17% (0%) (3%) FY23 Q2 EARNINGS SUPPLEMENT 3 Note: Amounts may not add due to rounding

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

    CONSOLIDATED RESULTS Balance Sheet/Cash Flow Highlights ($ in millions) FY23 Q2 FY22 Q2 Cash from Operations $205.0 $165.1 Capital Expenditures (102.1) (59.2) Free Cash Flow $102.9 $105.9 October 31, 2022 April 30, 2022 Total Debt (Gross) $4,614.4 $4,490.6 EBITDA (as adjusted, TTM) $1,523.2 $1,614.2

  5. Slide 5: Segment Results: FY23 Q2

    SEGMENT RESULTS: FY23 Q2 PET CONSUMER COFFEE INT’L & AFH FOODS FOODS ($ in millions) Net Sales $765.2 $709.8 $432.2 $297.9 YoY Change 9% 10% (2%) 14% YoY Net Sales Change Summary: Acquisition/Divestitures (4%) - (8%) (1%) Foreign Currency Exchange - - - (3%) Net Sales Excluding Divestitures and Fore

  6. Slide 6: Full-Year Fiscal 2023 Outlook

    FULL-YEAR FISCAL 2023 OUTLOOK Net Sales Increase 5.5% – 6.5% Adjusted EPS – Assuming Dilution $8.35 - $8.75 Free Cash Flow (in millions) $550 Capital Expenditures (in millions) $550 Adjusted Effective Income Tax Rate 24.1% FY23 Q2 EARNINGS SUPPLEMENT 6 Please refer to the press release dated Novembe

  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, 2022 2021 Gross profit reconciliation: Gross profit $701.1 $711.5 Change in net cumulative unallocated derivative gains and losses 27.1 13.3 Cost of products sold – special project costs 2.8 6.1 Adjusted gross profi

  10. Slide 10: Unaudited Non-GAAP Financial Measures

    UNAUDITED NON-GAAP FINANCIAL MEASURES Three Months Ended October 31, ($ and shares in millions, except per share data) 2022 2021 Net income reconciliation: Net income $191.1 $206.0 Income tax expense 61.8 62.8 Amortization 55.6 55.4 Change in net cumulative unallocated derivative gains and losses 27

  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, 2022 2022 2022 2022 2022 2022 EBITDA (as adjusted) reconciliation: Net income $69.7 $202.1 $109.8 $191.1 $572.7 $631.7 Income tax expense 39.

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

    NON-GAAP RECONCILIATION Company Guidance Year Ending April 30, 2023 Low High Net income per common share – assuming dilution reconciliation: Net income per common share – assuming dilution $ 6.28 $ 6.68 Change in net cumulative unallocated derivative gains and losses (A) 0.41 0.41 Amortization 1.58

  13. Slide 13: Non-GAAP Reconciliation: Free Cash Flow Guidance

    NON-GAAP RECONCILIATION Company Guidance ($ in millions) Year Ending April 30, 2023 Free cash flow reconciliation: Net cash provided by operating activities $ 1,100 Additions to property, plant, and equipment (550) Free cash flow $ 550 FY23 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/ FY23 Q2 EARNINGS SUPPLEMENT 14

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