J.M. Smucker (SJM) FY2014 results: revenue $5.6 billion, down 4.9% on the year
J.M. Smucker Co. (SJM) reported revenue of $5.6 billion for fiscal 2014, the year ended 30 April 2014, down 4.9% on the year before. Net income was $565 million, up 3.9%, and diluted earnings per share $5.42. The figures are the company's own, from the 10-K it filed with the SEC on 23 June 2014.
Revenue
$5.6 billion
-4.9% on the year
FY2009FY2014
Operating margin
16.4%
15.4% a year earlier
FY2009FY2014
Net income
$565 million
+3.9% on the year
FY2009FY2014
Diluted EPS
$5.42
+8.4% on the year
FY2009FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
5,611
5,898
5,526
-4.9%
Cost of revenue
3,580
3,870
3,681
-7.5%
Gross profit
2,031
2,028
1,845
+0.2%
Gross margin
36.2%
34.4%
33.4%
Research and development
24.3
24.7
21.9
-1.6%
Selling, general and administrative
989
974
893
+1.5%
Operating income
919
910
778
+0.9%
Operating margin
16.4%
15.4%
14.1%
Interest expense
n/a
n/a
81.3
Pre-tax income
850
817
701
+4.0%
Income tax
284
273
241
+4.2%
Effective tax rate
33.5%
33.4%
34.4%
Net income
565
544
460
+3.9%
Net margin
10.1%
9.2%
8.3%
Diluted EPS
$5.42
$5.00
$4.06
+8.4%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
856
856
731
+0.0%
Capital expenditure
280
206
274
+35.4%
Free cash flow
576
649
457
-11.2%
Free cash flow margin
10.3%
11.0%
8.3%
Cash from investing
n/a
n/a
-1,036
Cash from financing
n/a
n/a
220
Depreciation and amortisation
256
251
208
+2.2%
Share-based compensation
22.9
21.3
21.7
+7.5%
Buybacks
508
364
316
+39.6%
Dividends paid
238
223
214
+6.8%
Dividend per share
$2.32
$2.08
$1.92
+11.5%
Diluted shares, weighted
104m
109m
113m
-4.9%
Shares outstanding at period end
102m
106m
110m
-4.5%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
5,030
5,149
5,163
-2.3%
Debt
2,216
2,018
2,071
+9.8%
Other liabilities
1,796
1,865
1,881
-3.7%
Total liabilities and equity
9,041
9,032
9,115
+0.1%
Fixed assets
1,266
1,142
1,096
+10.8%
Goodwill
3,098
3,053
3,055
+1.5%
Intangible assets
3,024
3,089
3,187
-2.1%
Investments
55.4
48.8
36.2
+13.5%
Cash and equivalents
154
256
230
-40.1%
Receivables
309
314
348
-1.4%
Inventory
931
946
962
-1.5%
Other assets
204
183
203
+11.7%
Total assets
9,041
9,032
9,115
+0.1%
10-K for the year ended 30 April 2014, filed 23 June 2014: the filing.