J.M. Smucker (SJM) FY2021 results: revenue $8.0 billion, up 2.6% on the year
J.M. Smucker Co. (SJM) reported revenue of $8.0 billion for fiscal 2021, the year ended 30 April 2021, up 2.6% on the year before. Net income was $876 million, up 12.4%, and diluted earnings per share $7.79. The figures are the company's own, from the 10-K it filed with the SEC on 17 June 2021.
Revenue
$8.0 billion
+2.6% on the year
FY2014FY2021
Operating margin
17.3%
15.7% a year earlier
FY2014FY2021
Net income
$876 million
+12.4% on the year
FY2014FY2021
Diluted EPS
$7.79
+13.9% on the year
FY2014FY2021
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Revenue
8,003
7,801
7,838
+2.6%
Cost of revenue
4,864
4,799
4,922
+1.4%
Gross profit
3,139
3,002
2,916
+4.6%
Gross margin
39.2%
38.5%
37.2%
Selling, general and administrative
1,523
1,474
1,509
+3.3%
Operating income
1,387
1,223
929
+13.4%
Operating margin
17.3%
15.7%
11.8%
Interest expense
177
189
208
-6.4%
Pre-tax income
1,172
1,027
702
+14.1%
Income tax
296
247
187
+19.6%
Effective tax rate
25.2%
24.1%
26.7%
Net income
876
780
514
+12.4%
Net margin
11.0%
10.0%
6.6%
Diluted EPS
$7.79
$6.84
$4.52
+13.9%
$ 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
FY2021
FY2020
FY2019
On the year
Last 8 years
Operating cash flow
1,565
1,255
1,141
+24.7%
Capital expenditure
307
269
360
+13.9%
Free cash flow
1,258
986
781
+27.7%
Free cash flow margin
15.7%
12.6%
10.0%
Cash from investing
311
-272
-1,924
Cash from financing
-1,944
-689
699
Depreciation and amortisation
452
446
446
+1.3%
Share-based compensation
28.7
26.8
20.7
+7.1%
Buybacks
678
4.2
5.4
+16,052.4%
Dividends paid
403
397
378
+1.6%
Dividend per share
$3.60
$3.52
$3.40
+2.3%
Diluted shares, weighted
112m
113m
113m
-1.2%
Shares outstanding at period end
108m
114m
114m
-5.0%
Balance sheet
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Shareholders' equity
8,125
8,191
7,970
-0.8%
Debt
4,752
5,621
5,911
-15.5%
Operating lease liabilities
113
120
0.0
-6.0%
Finance lease liabilities
2.5
n/a
n/a
Other liabilities
3,292
3,038
2,830
+8.4%
Total liabilities and equity
16,284
16,970
16,711
-4.0%
Fixed assets
2,002
1,969
1,912
+1.6%
Goodwill
6,024
6,304
6,311
-4.5%
Intangible assets
6,041
6,429
6,719
-6.0%
Cash and equivalents
334
391
101
-14.5%
Receivables
534
551
504
-3.2%
Inventory
960
895
910
+7.2%
Other assets
390
430
254
-9.2%
Total assets
16,284
16,970
16,711
-4.0%
10-K for the year ended 30 April 2021, filed 17 June 2021: the filing.