The J.m. Smucker Company · NYSE:SJM
The J.m. Smucker — Q1 2023 Earnings Presentation
14 slides from The J.m. Smucker's earnings presentation, Aug 23, 2022
Slide 1: Fiscal 2023 First Quarter Earnings Supplementary Information
FISCAL 2023 FIRST QUARTER EARNINGS SUPPLEMENTARY INFORMATION August 23, 2022
Slide 2: Consolidated Results
CONSOLIDATED RESULTS ($ in millions, except per share data) FY23 Q1 FY22 Q1 YoY Change Net Sales $1,873.0 $1,858.0 1% Adjusted Gross Profit $587.4 $646.2 (9%) Adjusted Gross Profit Margin 31.4% 34.8% -340bps Adjusted Operating Income $270.0 $323.4 (17%) Adjusted Operating Income Margin 14.4% 17.4% -
Slide 3: Consolidated Results: Net Sales Analysis
CONSOLIDATED RESULTS Net Sales Analysis ($ in millions) $1,858 $1,873 YoY Change (9%) 13% (0%) (3%) FY23 Q1 EARNINGS SUPPLEMENT 3 Note: Amounts may not add due to rounding
Slide 4: Consolidated Results: Balance Sheet/Cash Flow Highlights
CONSOLIDATED RESULTS Balance Sheet/Cash Flow Highlights ($ in millions) FY23 Q1 FY22 Q1 Cash from Operations $(39.0) $137.8 Capital Expenditures (88.3) (68.0) Free Cash Flow $(127.3) $69.8 July 31, 2022 April 30, 2022 Total Debt (Gross) $4,699.5 $4,490.6 EBITDA (as adjusted, TTM) $1,542.9 $1,614.2 G
Slide 5: Segment Results: FY23 Q1
SEGMENT RESULTS: FY23 Q1 PET CONSUMER COFFEE INT’L & AFH FOODS FOODS ($ in millions) Net Sales $729.0 $597.9 $311.1 $235.0 YoY Change 13% 10% (29%) 2% YoY Net Sales Change Summary: Acquisition/Divestitures (4%) - (7%) (1%) Foreign Currency Exchange - - - (2%) Net Sales Excluding Divestitures and For
Slide 6: Full-Year Fiscal 2023 Outlook
FULL-YEAR FISCAL 2023 OUTLOOK Net Sales Increase 4.0% – 5.0% Adjusted EPS – Assuming Dilution $8.20 - $8.60 Free Cash Flow (in millions) $550 Capital Expenditures (in millions) $550 Adjusted Effective Income Tax Rate 24.2% FY23 Q1 EARNINGS SUPPLEMENT 6 Please refer to the press release dated August
Slide 7: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements, such as projected net sales, operating results, earnings, and cash flows that are subject to risks and uncertainties that could cause actual results to differ materially from future results expressed or implied by thos
Slide 8: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES The Company uses non-GAAP financial measures, including: net sales excluding divestitures and foreign currency exchange; adjusted gross profit; adjusted operating income; adjusted income; adjusted earnings per share; earnings before interest, taxes, depreciation, amortiza
Slide 9: Unaudited Non-GAAP Financial Measures
UNAUDITED NON-GAAP FINANCIAL MEASURES ($ in millions) Three Months Ended July 31, 2022 2021 Gross profit reconciliation: Gross profit $552.5 $639.4 Change in net cumulative unallocated derivative gains and losses 33.8 2.2 Cost of products sold – special project costs 1.1 4.6 Adjusted gross profit $5
Slide 10: Unaudited Non-GAAP Financial Measures
UNAUDITED NON-GAAP FINANCIAL MEASURES Three Months Ended July 31, ($ and shares in millions, except per share data) 2022 2021 Net income reconciliation: Net income $109.8 $153.9 Income tax expense 31.3 51.3 Amortization 55.6 55.4 Gain on divestiture (1.6) - Change in net cumulative unallocated deriv
Slide 11: Unaudited Non-GAAP Financial Measures
UNAUDITED NON-GAAP FINANCIAL MEASURES ($ in millions) Three Months Ended TTM Ended Year Ended October 31, January 31, April 30, July 31, July 31, April 30, 2021 2022 2022 2022 2022 2022 EBITDA (as adjusted) reconciliation: Net income $206.0 $69.7 $202.1 $109.8 $587.6 $631.7 Income tax expense 62.8 3
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 $ 6.26 $ 6.66 Change in net cumulative unallocated derivative gains and losses (A) 0.27 0.27 Amortization 1.58
Slide 13: Non-GAAP Reconciliation: Company 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 Q1 EARNINGS SUPPLEMENT 13
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 Q1 EARNINGS SUPPLEMENT 14
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