J. M. Smucker Reports Q1 Non-GAAP EPS Of $1.34 - Quick Facts

(RTTNews) - The J. M. Smucker Company (SJM) reported that its first-quarter net income decreased year-over-year to $116.0 million or $1.14 per share from $126.6 million or $1.19 per share. Income excluding certain items affecting comparability was $136.1 million or $1.34 per share, compared to $128.4 million or $1.21 per share, prior year.

The company noted that its results for the quarter ended July 31, 2014, include the operations of Enray Inc. since the completion of the acquisition on August 20, 2013, and the impact of the licensing and distribution agreement with Cumberland Packing Corp., which commenced on July 1, 2013.

On average, 16 analysts polled by Thomson Reuters expected the company to report profit per share of $1.37 for the quarter. Analysts' estimates typically exclude special items.

Net sales decreased to $1.32 billion from $1.35 billion, last year. Analysts expected revenue of $1.37 billion for the quarter. Net sales adjusted for certain non-comparable items was $1.30 billion, compared to $1.35 billion, previous year.

The company said its first-quarter net sales decreased 2 percent reflecting lower net price realization, particularly related to coffee, and the continued impact of the exit of private label hot beverage business in International, Foodservice, and Natural Foods segment during 2014.

For fiscal 2015, the company expects net sales to increase, compared to 2014, at a rate slightly less than the 5 percent provided at the beginning of the year. The company maintained its non-GAAP income per share range of $5.95 to $6.05, excluding certain items affecting comparability of approximately $0.15 per share. Analysts expect the company to report fiscal 2015 earnings per share of $6.02.