The J.M. Smucker Co. (NYSE: SJM) on Tuesday announced fourth-quarter 2023 financial results, reporting an increase in adjusted profit and net sales.
At $2.23 billion, fourth-quarter sales were up 10% year-over-year, reflecting higher sales across all key business divisions.
As a result, adjusted earnings, excluding special items, increased 18% annually to $2.64 per share. On a reported basis, it was a net loss of $600.7 million or $5.69 per share in Q4, compared to a net profit of $202.1 million or $1.87 per share last year.
Mark Smucker, the company’s chief executive officer, said, “Looking ahead to fiscal year 2024, we are focusing on sustaining our business momentum by investing in growth platforms, such as Uncrustables sandwiches and Milk-Bone dog treats, and supporting our talented employees whose hard work and dedication have been instrumental to our success.”