Smucker income rises on higher margins

by Staff
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ORVILLE, OHIO — Strength in coffee, peanut butter and fruit spreads as well as higher margins contributed to an 18% increase in income at The J.M. Smucker Co. during fiscal 2013.

For the year ended April 30, the company had income of $544.2 million, equal to $5 per share on the common stock, which compared with $459.7 million, or $4.06 per share, during the previous year. Sales for the year were $5,897.7 million, up 7% from $5,525.8 million during fiscal 2012.

“Our momentum continued through a strong fourth quarter as we achieved record sales, earnings and operating cash flow for the full fiscal year,” said Richard Smucker, chief executive officer. “The record results we reported were achieved while also making significant investments toward our future growth and creating value for shareholders. In 2013, we increased the annual dividend paid per share by 9% while also repurchasing nearly 4% of our shares. Our long-term focus, strong consumer-relevant brands, robust innovation and dedicated employees are keys to this success.”

The U.S. Retail Coffee segment had profit of $607.5 million in fiscal 2013, up 12% from $543 million during the previous year. Sales for the segment were $2,306.5 million, up slightly from $2,297.7 million during the previous year.

The U.S. Retail Consumer Foods segment had a segment profit of $415.3 million, up 6% from $393.3 million during the previous year. The segment had sales of $2,214.8 million, up 6% from $2,094.5 million during the previous year.

For the fourth quarter ended April 30, the company as a whole saw income rise 25% to $130.3 million, or $1.22 per share, up 25% from $104.1 million, or 93c per share, during the same quarter of the previous year. Sales for the fourth quarter were $1,339.6 million, down 1% from $1,355.4 million during the same quarter of the previous year.

For fiscal 2014, the company expects non-GAAP net income per diluted share to be in the range of $5.65 to $5.75.
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