The J.M. Smucker Co. announced results for the first quarter ended July 31, 2021, of its 2022 fiscal year. According to a company statement, financial results for the first quarter of fiscal year 2022 reflect the divestiture of the Crisco business on December 1, 2020, and the divestiture of the Natural Balance business on January 29, 2021.
Net sales decreased USD113.8m (-6%). Net sales excluding divestitures and foreign currency exchange increased 1%. Net income per diluted share was USD1.42, while adjusted earnings per share was USD1.90. Cash from operations was USD137.8m, a decrease of 66%.
“Our first quarter results reflected organic net sales growth, while lapping double-digit growth in the prior year, and continued to demonstrate consumers’ desire for our brands, while earnings were in line with our expectations,” Mark Smucker, president and chief executive officer said. “The progress we have made against our strategy and executional priorities has made us a stronger company, positioning our iconic brands for continued growth in market share. Our industry continues to navigate a period of significant supply chain volatility, disruption, and cost inflation. In the near term, we expect to experience higher raw material and logistics cost increases. However, we are optimistic in managing these challenges and remain confident in the momentum of our business, the talent and commitment of our people, and our strengthened financial position to deliver balanced top- and bottom-line growth and long-term shareholder value.”