The J.M. Smucker Company (NYSE: SJM) reported a 216% jump in earnings for the fourth quarter of fiscal 2020 as increased consumer demand resulting from the COVID-19 pandemic drove the top-line higher. The results exceeded analysts’ expectations.
The net sales increased by 10% driven by an 11 percentage point contribution from higher volume/mix across the majority of categories and brands in the US Retail Consumer Foods, US Retail Coffee, and US Retail Pet Foods segments. Lower net price realization, primarily for coffee, reduced net sales by 1 percentage point.
The company provided its fiscal 2021 outlook, with an expected net sales decline of 1-2%, adjusted earnings per share to range from $7.90-8.30, and free cash flow to range from $900-950 million. The outbreak of COVID-19 had a material benefit to fiscal 2020 results and has caused significant uncertainty for fiscal 2021 projections.
Looking ahead, the company anticipates increased at-home consumption to continue during the beginning of fiscal 2021, though at a more moderate rate as stock-up purchasing in the fourth quarter is not anticipated to reoccur, and significant declines for the Away From Home business are expected to persist throughout the year.
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