J.M. Smucker (SJM) FY2018 results: revenue $7.4 billion, down 0.5% on the year
J.M. Smucker Co. (SJM) reported revenue of $7.4 billion for fiscal 2018, the year ended 30 April 2018, down 0.5% on the year before. Net income was $1.3 billion, up 126.0%, and diluted earnings per share $11.78. The figures are the company's own, from the 10-K it filed with the SEC on 17 June 2019.
Revenue
$7.4 billion
-0.5% on the year
FY2011FY2018
Operating margin
14.2%
14.1% a year earlier
FY2011FY2018
Net income
$1.3 billion
+126.0% on the year
FY2011FY2018
Diluted EPS
$11.78
+131.0% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
7,357
7,392
7,811
-0.5%
Cost of revenue
4,521
4,557
4,843
-0.8%
Gross profit
2,836
2,835
2,968
+0.0%
Gross margin
38.5%
38.4%
38.0%
Research and development
n/a
58.1
58.8
Selling, general and administrative
1,363
1,380
1,510
-1.2%
Operating income
1,044
1,043
1,145
+0.1%
Operating margin
14.2%
14.1%
14.7%
Interest expense
174
n/a
n/a
Pre-tax income
861
878
978
-2.0%
Income tax
-478
286
289
Effective tax rate
-55.5%
32.6%
29.6%
Net income
1,339
592
689
+126.0%
Net margin
18.2%
8.0%
8.8%
Diluted EPS
$11.78
$5.10
$5.76
+131.0%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
1,218
1,059
1,461
+15.0%
Capital expenditure
322
192
201
+67.3%
Free cash flow
896
867
1,260
+3.4%
Free cash flow margin
12.2%
11.7%
16.1%
Cash from investing
-278
n/a
n/a
Cash from financing
-922
n/a
n/a
Depreciation and amortisation
413
419
430
-1.4%
Share-based compensation
15.4
22.0
34.6
-30.0%
Buybacks
7.0
438
441
-98.4%
Dividends paid
350
339
317
+3.2%
Dividend per share
$3.12
$3.00
$2.68
+4.0%
Diluted shares, weighted
113m
116m
119m
-2.2%
Shares outstanding at period end
114m
113m
116m
+0.1%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
7,891
6,850
7,008
+15.2%
Debt
4,832
5,398
5,430
-10.5%
Other liabilities
2,578
3,391
3,546
-24.0%
Total liabilities and equity
15,301
15,640
15,984
-2.2%
Fixed assets
1,729
1,618
1,628
+6.9%
Goodwill
5,942
6,077
6,091
-2.2%
Intangible assets
5,916
6,150
6,494
-3.8%
Cash and equivalents
193
167
110
+15.5%
Receivables
386
439
450
-12.1%
Inventory
854
906
899
-5.7%
Other assets
281
284
312
-1.1%
Total assets
15,301
15,640
15,984
-2.2%
10-K for the year ended 30 April 2018, filed 17 June 2019: the filing.