The J.m. Smucker Company · NYSE:SJM
The J.m. Smucker — Q3 2020 Earnings Presentation
13 slides from The J.m. Smucker's earnings presentation, Feb 26, 2020
Slide 1: Third Quarter Fiscal 2020 Results
The J. M. Smucker Company Third Quarter Fiscal 2020 Results SUPPLEMENTARY INFORMATION February 26, 2020
Slide 2: Consolidated Results
Consolidated Results ($ in millions, except per share data) FY20 Q3 FY19 Q3 YoY Change Net Sales $1,972.3 $2,011.9 (2%) Adjusted Gross Profit $752.3 $776.7 (3%) Adjusted Gross Profit Margin 38.1% 38.6% -50bps Adjusted Operating Income $395.8 $406.2 (3%) Adjusted Operating Income Margin 20.1% 20.2% -
Slide 3: Consolidated Results: Net Sales Analysis
Consolidated Results Net Sales Analysis $1,903M $1M $1M $0M $2,012 ($42M) $1,972 $1,779M YoY Change 0% (2%) 0% 0% Net Sales Volume/Mix Net Price Foreign Acquisition/ Net Sales FY19 Q3 Realization Exchange Divestiture FY20 Q3 3
Slide 4: Balance Sheet/Cash Flow Highlights
Consolidated Results Balance Sheet/Cash Flow Highlights ($ in millions) FY20 Q3 FY19 Q3 Cash from Operations $521.6 $421.1 Capital Expenditures (56.5) (88.1) Free Cash Flow $465.1 $333.0 January 31, 2020 April 30, 2019 Total Debt (Gross) $5,393.1 $5,910.8 EBITDA (as adjusted, TTM) $1,618.6 $1,560.9
Slide 5: Segment Results – FY20 Q3
Segment Results – FY20 Q3 PET CONSUMER INT’L & AWAY COFFEE FOODS FOODS FROM HOME ($ in millions) Net Sales $721.9 $558.8 $422.9 268.7 YoY Change (5%) —% —% —% YoY Net Sales Change Summary: Volume/Mix (5%) 5% 4% -% Net Price Realization -% (5%) (4%) -% Acquisition/Divestiture -% -% -% -% Foreign Curr
Slide 6: Full-Year Fiscal 2020 Outlook
Full-Year Fiscal 2020 Outlook Current Net Sales Growth (3%) Adjusted EPS – assuming dilution $8.10 - $8.30 Free Cash Flow (in millions) $850 Capital Expenditures (in millions) $300 - $320 Effective Tax Rate 24.0% 6
Slide 7: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking statements, such as projected net sales, operating results, earnings, and cash flows that are subject to risks and uncertainties that could cause actual results to differ materially from future results expressed or implied by thos
Slide 8: Non-GAAP Financial Measures
Non-GAAP Financial Measures The Company uses non-GAAP financial measures, including: net sales excluding acquisition, divestiture, and foreign currency exchange; adjusted gross profit; adjusted operating income; adjusted income; adjusted earnings per share; earnings before interest, taxes, depreciat
Slide 9: Non-GAAP Reconciliation
Non-GAAP Reconciliation ($ in millions) Three Months Ended January 31, 2020 2019 Gross profit reconciliation: Gross profit $760.0 $773.8 Unallocated derivative losses (gains) (7.7) 2.9 Adjusted gross profit $752.3 $776.7 Operating income reconciliation: Operating income $289.0 $217.6 Amortization 58
Slide 10: Non-GAAP Reconciliation
Non-GAAP Reconciliation Three Months Ended January 31, ($ and shares in millions, except per share data) 2020 2019 Net income reconciliation: Net income $187.4 $121.4 Income tax expense 55.1 35.8 Amortization 58.8 59.7 Other intangible assets impairment charges 52.4 107.2 Unallocated derivative loss
Slide 11: Non-GAAP Reconciliation
Non-GAAP Reconciliation ($ in millions) Three Months Ended TTM Ended Year Ended April 30, July 31, October 31, January 31, January 31, April 30, 2019 2019 2019 2020 2020 2019 EBITDA (as adjusted) reconciliation: Net income $71.5 $154.6 $211.2 $187.4 $624.7 $514.4 Income tax expense 30.4 52.1 67.9 55
Slide 12: Non-GAAP Reconciliation: Fiscal 2020 Guidance
Non-GAAP Reconciliation Fiscal 2020 Guidance Year Ending April 30, 2020 ($ in millions, except per share data) Low High Net income per common share – assuming dilution reconciliation: Net income per common share – assuming dilution $6.32 $6.52 Unallocated derivative losses (gains)(A) (0.27) (0.27) S
Slide 13: The J. M. Smucker Company
The J. M. Smucker Company Additional Information: investors.jmsmucker.com Contact: Aaron Broholm Vice President, Investor Relations aaron.broholm@jmsmucker.com Phone: (330) 682-3000
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