J.M. Smucker (SJM) FY2013 results: revenue $5.9 billion, up 6.7% on the year
J.M. Smucker Co. (SJM) reported revenue of $5.9 billion for fiscal 2013, the year ended 30 April 2013, up 6.7% on the year before. Net income was $544 million, up 18.4%, and diluted earnings per share $5.00. The figures are the company's own, from the 10-K it filed with the SEC on 21 June 2013.
Revenue
$5.9 billion
+6.7% on the year
FY2009FY2013
Operating margin
15.4%
14.1% a year earlier
FY2009FY2013
Net income
$544 million
+18.4% on the year
FY2009FY2013
Diluted EPS
$5.00
+23.2% on the year
FY2009FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
5,898
5,526
4,826
+6.7%
Cost of revenue
3,870
3,681
3,027
+5.1%
Gross profit
2,028
1,845
1,799
+9.9%
Gross margin
34.4%
33.4%
37.3%
Research and development
24.7
21.9
21.0
+12.6%
Selling, general and administrative
974
893
863
+9.1%
Operating income
910
778
784
+17.0%
Operating margin
15.4%
14.1%
16.3%
Interest expense
n/a
81.3
69.6
Pre-tax income
817
701
717
+16.6%
Income tax
273
241
238
+13.1%
Effective tax rate
33.4%
34.4%
33.1%
Net income
544
460
479
+18.4%
Net margin
9.2%
8.3%
9.9%
Diluted EPS
$5.00
$4.06
$4.05
+23.2%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
856
731
392
+17.1%
Capital expenditure
206
274
180
-24.7%
Free cash flow
649
457
211
+42.2%
Free cash flow margin
11.0%
8.3%
4.4%
Cash from investing
n/a
-1,036
-193
Cash from financing
n/a
220
-170
Depreciation and amortisation
251
208
186
+20.4%
Share-based compensation
21.3
21.7
24.0
-1.9%
Buybacks
364
316
389
+15.3%
Dividends paid
223
214
194
+4.3%
Dividend per share
$2.08
$1.92
$1.68
+8.3%
Diluted shares, weighted
109m
113m
118m
-3.9%
Shares outstanding at period end
106m
110m
114m
-3.4%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
5,149
5,163
5,292
-0.3%
Debt
2,018
2,071
1,304
-2.5%
Other liabilities
1,865
1,881
1,728
-0.9%
Total liabilities and equity
9,032
9,115
8,325
-0.9%
Fixed assets
1,142
1,096
868
+4.2%
Goodwill
3,053
3,055
2,813
-0.1%
Intangible assets
3,089
3,187
2,940
-3.1%
Investments
48.8
36.2
60.2
+34.8%
Cash and equivalents
256
230
320
+11.6%
Receivables
314
348
344
-9.7%
Inventory
946
962
864
-1.7%
Other assets
183
203
116
-9.8%
Total assets
9,032
9,115
8,325
-0.9%
10-K for the year ended 30 April 2013, filed 21 June 2013: the filing.