The J. M. Smucker Company (SJM) posted fourth-quarter fiscal 2024 results, wherein the bottom line increased year over year and beat the Zacks Consensus Estimate. While the top line declined, the company witnessed an increase in comparable net sales due to the higher volume/mix and net price realization. Shares of the company rose 4.6% on Jun 6. SJM’s performance in the fourth quarter and the full year reflects the strength of its business and solid demand for its leading brands. Management attributed the c ...

Key Takeaways J.M. Smucker reported better-than-expected quarterly profit on cost-cutting, higher prices, and the addition of Hostess Brands to its portfolio of foods. CEO Mark Smucker said the Hostess Brands acquisition strengthened its business for long-term growth. Smucker anticipates full-year revenue will jump 9.5% to 10.5% year-over-year. Shares of The J.M. Smucker Co. (SJM) advanced Thursday after the food producer beat profit estimates as it cut costs, raised prices, and benefited from its purchase ...

Smucker (SJM) reported $2.21 billion in revenue for the quarter ended April 2024, representing a year-over- year decline of 1.3%. EPS of $2.66 for the same period compares to $2.64 a year ago. The reported revenue represents a surprise of -1.83% over the Zacks Consensus Estimate of $2.25 billion. With the consensus EPS estimate being $2.32, the EPS surprise was +14.66%. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street exp ...

文章核心观点 - 公司本季度每股收益2.66美元,超出市场预期2.32美元,同比增长0.76% [1][2] - 公司本季度营收22.1亿美元,低于市场预期22.5亿美元,同比下降0.90% [3] - 公司股价今年以来下跌12.7%,低于标普500指数12.3%的涨幅 [4] 行业和公司研究 - 公司所属食品加工行业目前在250多个行业中排名前26% [9] - 同行业公司通用磨坊(GIS)预计下季度每股收益0.99美元,同比下降11.6% [11] - 通用磨坊预计下季度营收48.8亿美元,同比下降2.9% [11] - 公司未来业绩表现将主要取决于管理层在财报电话会议上的评论 [4] - 分析师对公司未来几个季度及本财年的盈利预期有分歧 [7][8]

财务数据和关键指标变化 - 全年可比销售净额增长8%,各业务部门均实现了销量/组合增长 [6][7] - 全年调整后每股收益为9.94美元,同比增长双位数 [6][7] - 第四季度可比销售净额增长3%,略低于预期,主要受咖啡业务竞争激烈影响 [13] - 第四季度调整后每股收益2.66美元,同比增长1%,超出预期 [41][42] 各条业务线数据和关键指标变化 - 咖啡业务销售净额下降,主要受价格下降和销量/组合下降影响 [14][15] - 冷冻手持和果酱业务销售净额增长1%,其中Uncrustables三位数增长 [18] - 宠物食品业务可比销售净额增长两位数,Meow Mix和Milk-Bone品牌表现强劲 [22] - 甜烘焙零食业务销售和利润略低于预期,但Hostess品牌市场份额增长 [24][25] - 国际和餐外业务可比销售净额增长8%,主要受Uncrustables和份量控制产品驱动 [50] 各个市场数据和关键指标变化 - 家庭消费仍是咖啡市场主要需求,公司作为美国家庭咖啡市场第一制造商受益 [17] - 餐外业务销售增长两位数,Uncrustables、份量控制和咖啡产品表现强劲 [26] 公司战略和发展方向及行业竞争 - 公司战略重点包括交付业务、整合Hostess业务、实现转型和成本纪律 [9] - 公司在Uncrustables、宠物食品、咖啡等关键平台持续投资和发展 [10][11][12] - 咖啡行业面临原料价格波动和整体通胀,公司将通过价格调整和提供不同价位产品应对 [16] - 甜烘焙零食行业长期趋势向好,公司有机会进一步发展Hostess品牌 [24][25] 管理层对经营环境和未来前景的评论 - 公司有信心在2025财年继续实现销售和利润增长,并将加大投资以支持长期可持续增长 [27][30][31] - 2025财年预计可比销售净额增长2%,调整后每股收益10美元,未来几年有望超过长期目标 [28][29][30] 其他重要信息 - 公司计划未来3年每年偿还约5亿美元债务,将杠杆率降至3倍左右 [56] - 公司计划维持40%-45%的调整后每股收益作为股息支付 [54] 问答环节重要的提问和回答 问题1 **Ellie Jiang 提问** 公司如何看待咖啡业务的未来发展前景?[67] **Jiazhen Zhao 回答** 公司认为咖啡行业仍将保持韧性,尽管面临近期原料价格上涨和销量下降,但家庭消费仍是主要需求,公司作为行业领导者将通过价格调整和提供不同价位产品来应对 [16][17] 问题2 **Yang Bai 提问** 公司如何看待Hostess业务的整合进展和未来发展?[67] **Jiazhen Zhao 回答** 整合进展顺利,公司已完成大部分成本协同分析和组织设计,并提前开始实现协同效应。公司对Hostess业务的未来发展前景充满信心,包括强大的创新管线、与现有品牌的联合营销以及在零售和餐外渠道的分销优势 [24][25] 问题3 **Joyce Ju 提问** 公司如何看待未来3年的资本部署计划?[67] **Lei Chen 回答** 公司将优先偿还债务,未来3年每年约偿还5亿美元,预计到2027财年末将杠杆率降至3倍左右。这将为公司提供财务灵活性,在维持投资级债评的同时,也能为未来的战略增长机会提供空间 [56]

业绩总结 - 净销售额下降1%，可比净销售增长3%（不包括收购、剥离和外汇汇率变动）[2] - 调整后每股稀释净收益为2.66美元，同比增长1%[3] - 调整后毛利润为888.4百万美元，同比增长15%[3] - 调整后营业利润为461.6百万美元，同比增长13%[3] - 自由现金流为297.5百万美元，较去年298.7百万美元略有下降[2] 未来展望 - 全年2025财年净销售预计增长9.5%至10.5%[10] - 调整后每股稀释净收益预计为9.80至10.20美元[10] - 自由现金流预计为900百万美元，资本支出预计为450百万美元[10] 公司财务指标 - 净债务与调整后EBITDA比率为4.9倍，较去年的2.3倍有所增加[7] - 公司使用非GAAP财务指标评估内部绩效，并相信披露这些指标可以增强投资者对其绩效的理解[25] - 非GAAP财务指标排除影响可比性的某些项目，如无形资产的摊销费用和减值损失，特殊项目成本，以及其他不经常发生的项目[26] - 公司提供了财年2025展望的非GAAP财务指标调和表[27]

The J.M. Smucker Co. Announces Fiscal Year 2024 Fourth Quarter Results ORRVILLE, Ohio, June 6, 2024 /PRNewswire/ -- The J.M. Smucker Co. (NYSE: SJM) today announced results for the fourth quarter of its fiscal year ending April 30, 2024. Financial results for the fourth quarter and fiscal year reflect the divestiture of the Canada condiment business on January 2, 2024, acquisition of Hostess Brands, Inc. ("Hostess Brands") on November 7, 2023, divestiture of the Sahale Snacks® business on November 1, 2023, ...

The J. M. Smucker Company (SJM) is likely to register top-line growth when it reports fourth-quarter fiscal 2024 earnings on Jun 6. The Zacks Consensus Estimate for revenues is pegged at $2.25 billion, which suggests an increase of 0.5% from the prior-year quarter’s reported figure. The consensus mark for quarterly earnings has decreased by 1 cent in the past 30 days to $2.32 per share. This indicates a decline of 12.1% from the year-ago quarter’s reported figure. SJM has a trailing four-quarter earnings su ...

Smucker (SJM) shares rallied 3.4% in the last trading session to close at $111.64. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 4.3% loss over the past four weeks. Smucker has been benefiting from strong demand across brands and categories, along with favorable net price realization. Core priorities, such as driving commercial excellence, reshaping portfolio and streamlining cost structure have been workin ...

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