Smucker income down 4% in year

by Staff
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ORRVILLE, OHIO — Despite a strong fourth quarter in which acquisitions and higher prices helped lift profit 10%, full-year earnings at J.M. Smucker Co. fell 4%. For the year ended April 30, the company had income of $459,744,000, equal to $4.06 per share on the common stock, which compared with income of $479,482,000, or $4.06 per share, in fiscal 2011. Sales for the year were $5,525,782,000, up 15% from $4,825,743,000 during the previous year.

During the fourth quarter, net income rose to $104,130,000, or 93c per share, from $94,880,000, or 82c per share, in the same period a year ago. Net sales increased 14% to $1,355,353,000 from $1,187,167,000.

“We are pleased to have delivered another year of record sales and year-over-year earnings per share growth in a complex macroeconomic environment,” said Richard Smucker, chief executive officer. “As we look ahead, we will continue to invest in our portfolio of trusted brands, build upon our recent acquisitions, advance our extensive pipeline of innovation, further our supply chain productivity initiatives and build upon the foundation being laid in China. We are well-positioned for continued growth.”

Profit during the year for the U.S. Retail Coffee segment was $543 million, up 1% from $536.1 million during the previous year. Sales for the year were $2,297.7 million, up 19% from $1,930.9 million during previous year.

The U.S. Retail Consumer Foods segment had profit of $393.3 million, down 3% from $406.5 million during the previous year. Sales for the segment were $2,094.5 million up 7% from $1,953 million during the previous year.

Looking ahead to fiscal 2013, J.M. Smucker said net sales are expected to increase about 7% over fiscal 2012, including an incremental eight-month contribution from the Sara Lee food service business. Non-GAAP income per diluted share is expected to range from $5 to $5.10, excluding special project costs of approximately 50c per diluted share.

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