J.M. Smucker (SJM) FY2019 results: revenue $7.8 billion, up 6.5% on the year
J.M. Smucker Co. (SJM) reported revenue of $7.8 billion for fiscal 2019, the year ended 30 April 2019, up 6.5% on the year before. Net income was $514 million, down 61.6%, and diluted earnings per share $4.52. The figures are the company's own, from the 10-K it filed with the SEC on 17 June 2019.
Revenue
$7.8 billion
+6.5% on the year
FY2012FY2019
Operating margin
11.8%
14.2% a year earlier
FY2012FY2019
Net income
$514 million
-61.6% on the year
FY2012FY2019
Diluted EPS
$4.52
-61.6% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
7,838
7,357
7,392
+6.5%
Cost of revenue
4,922
4,521
4,557
+8.9%
Gross profit
2,916
2,836
2,835
+2.8%
Gross margin
37.2%
38.5%
38.4%
Research and development
n/a
n/a
58.1
Selling, general and administrative
1,509
1,363
1,380
+10.7%
Operating income
929
1,044
1,043
-11.1%
Operating margin
11.8%
14.2%
14.1%
Interest expense
208
174
n/a
+19.4%
Pre-tax income
702
861
878
-18.5%
Income tax
187
-478
286
Effective tax rate
26.7%
-55.5%
32.6%
Net income
514
1,339
592
-61.6%
Net margin
6.6%
18.2%
8.0%
Diluted EPS
$4.52
$11.78
$5.10
-61.6%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
1,141
1,218
1,059
-6.3%
Capital expenditure
360
322
192
+11.8%
Free cash flow
781
896
867
-12.8%
Free cash flow margin
10.0%
12.2%
11.7%
Cash from investing
-1,924
-278
n/a
Cash from financing
699
-922
n/a
Depreciation and amortisation
446
413
419
+8.0%
Share-based compensation
20.7
15.4
22.0
+34.4%
Buybacks
5.4
7.0
438
-22.9%
Dividends paid
378
350
339
+7.9%
Dividend per share
$3.40
$3.12
$3.00
+9.0%
Diluted shares, weighted
113m
113m
116m
+0.1%
Shares outstanding at period end
114m
114m
113m
+0.1%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
7,970
7,891
6,850
+1.0%
Debt
5,911
4,832
5,398
+22.3%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
2,830
2,578
3,391
+9.8%
Total liabilities and equity
16,711
15,301
15,640
+9.2%
Fixed assets
1,912
1,729
1,618
+10.6%
Goodwill
6,311
5,942
6,077
+6.2%
Intangible assets
6,719
5,916
6,150
+13.6%
Cash and equivalents
101
193
167
-47.4%
Receivables
504
386
439
+30.7%
Inventory
910
854
906
+6.5%
Other assets
254
281
284
-9.6%
Total assets
16,711
15,301
15,640
+9.2%
10-K for the year ended 30 April 2019, filed 17 June 2019: the filing.