The J.m. Smucker Company · NYSE:SJM

The J.m. Smucker — Q3 2021 Earnings Presentation

14 slides from The J.m. Smucker's earnings presentation, Feb 25, 2021

  1. Slide 1: Third Quarter Fiscal 2021 Earnings

    Third Quarter Fiscal 2021 Earnings SUPPLEMENTARY INFORMATION February 25, 2021

  2. Slide 2: Consolidated Results

    Consolidated Results ($ in millions, except per share data) FY21 Q3 FY20 Q3 YoY Change Net Sales $2,076.7 $1,972.3 5% Adjusted Gross Profit $775.6 $752.3 3% Adjusted Gross Profit Margin 37.3% 38.1% -80bps Adjusted Operating Income $403.9 $395.8 2% Adjusted Operating Income Margin 19.4% 20.1% -70bps

  3. Slide 3: Consolidated Results: Net Sales Analysis

    Consolidated Results Net Sales Analysis $148M ($4M) $2M ($42M) $2,077M $1,972M YoY Change 8% 0% 0% (2%) Note: Amounts may not add due to rounding FY21 Q3 EARNINGS SUPPLEMENT 3

  4. Slide 4: Balance Sheet/Cash Flow Highlights

    Consolidated Results Balance Sheet/Cash Flow Highlights ($ in millions) FY21 Q3 FY20 Q3 Cash from Operations $486.3 $521.6 Capital Expenditures (69.7) (56.5) Free Cash Flow $416.6 $465.1 January 31, 2021 April 30, 2020 Total Debt (Gross) $4,836.7 $5,621.3 EBITDA (as adjusted, TTM) $1,908.5 $1,714.8

  5. Slide 5: Segment Results: FY21 Q3

    Segment Results: FY21 Q3 PET CONSUMER INT’L & COFFEE ($ in millions) FOODS FOODS AFH Net Sales $768.6 $625.9 $447.6 $234.6 YoY Change 6% 12% 6% (13%) YoY Net Sales Change Summary: Volume/Mix 8% 13% 10% (11%) Net Price Realization (2%) (1%) 5% (1%) Acquisition/Divestiture - - (9%) (2%) Foreign Curren

  6. Slide 6: Full-Year Fiscal 2021 Outlook

    Full-Year Fiscal 2021 Outlook CURRENT PREVIOUS Net Sales 2% 0% – 1% Adjusted EPS – Assuming Dilution $8.70 - $8.90 $8.35 – $8.65 Free Cash Flow (in billions) $1.1 $0.975– $1.025 Capital Expenditures (in millions) $300 $315 Adjusted Effective Tax Rate 24.0% 24.0% FY21 Q3 EARNINGS SUPPLEMENT 6

  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: Non-GAAP Reconciliation

    Non-GAAP Reconciliation ($ in millions) Three Months Ended January 31, 2021 2020 Gross profit reconciliation: Gross profit $809.4 $760.0 Unallocated derivative losses (gains) (33.8) (7.7) Adjusted gross profit $775.6 $752.3 Operating income reconciliation: Operating income $406.2 $289.0 Amortization

  10. Slide 10: Non-GAAP Reconciliation

    Non-GAAP Reconciliation Three Months Ended January 31, ($ and shares in millions, except per share data) 2021 2020 Net income reconciliation: Net income $261.5 $187.4 Income tax expense 100.0 55.1 Amortization 57.0 58.8 Other intangible assets impairment charge - 52.4 Gain on divestitures - net (27.

  11. 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, 2020 2020 2020 2021 2021 2020 EBITDA (as adjusted) reconciliation: Net income $226.3 $237.0 $230.8 $261.5 $955.6 $779.5 Income tax expense 72.1 76.6 72.7 1

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

    Non-GAAP Reconciliation Company Guidance Year Ending April 30, 2021 Low High Net income per common share – assuming dilution reconciliation: Net income per common share – assuming dilution $ 7.28 $ 7.48 Unallocated derivative losses (gains)(A) (0.40) (0.40) Amortization 1.54 1.54 Other special proje

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

    Non-GAAP Reconciliation Company Guidance ($ in billions) Year Ending April 30, 2021 Free cash flow reconciliation: Net cash provided by operating activities $ 1.4 Additions to property, plant, and equipment (0.3) Free cash flow $ 1.1 FY21 Q3 EARNINGS SUPPLEMENT 13

  14. Slide 14: Additional Information

    Additional Information: Aaron Broholm Vice President, Investor Relations aaron.broholm@jmsmucker.com Phone: (330) 682-3000 Investor Relations Website: https://investors.jmsmucker.com/ 14

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