J M Smucker Co. Q1 FY2025 results: revenue $2.1 billion, up 17.7% on the year

J M Smucker Co. (SJM) reported revenue of $2.1 billion for Q1 FY2025, the quarter ended 31 July 2024, up 17.7% on the same quarter a year earlier. Net income was $185 million, up 0.8% on the year, and diluted earnings per share $1.74. The figures are the company's own, from the 10-Q it filed with the SEC on 28 August 2024.

Revenue$2.1 billionup 17.7%

Net income$185 millionup 0.8%

Diluted EPS$1.74

QuarterQ1 FY2025ended 31 July 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2025	Q4 FY2024	A year earlier	Change on the year
Revenue	2,125	2,206	n/a	n/a
Cost of revenue	1,328	1,292	n/a	n/a
Gross profit	797	913	n/a	n/a
Gross margin	37.5%	41.4%	n/a
Selling, general and administrative	390	425	n/a	n/a
Operating income	350	406	n/a	n/a
Operating margin	16.4%	18.4%	n/a
Pre-tax income	246	313	n/a	n/a
Income tax	61.0	68.0	n/a	n/a
Effective tax rate	24.8%	21.7%	n/a
Net income	185	245	n/a	n/a
Net margin	8.7%	11.1%	n/a
Diluted EPS	$1.74	$2.31	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free 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 and capital returned

Line	Q1 FY2025	Q4 FY2024	A year earlier	Change on the year
Operating cash flow	173	428	n/a	n/a
Capital expenditure	124	131	n/a	n/a
Free cash flow	49.2	298	n/a	n/a
Free cash flow margin	2.3%	13.5%	n/a
Depreciation and amortisation	129	125	n/a	n/a
Share-based compensation	8.9	8.0	n/a	n/a
Buybacks	2.6	0.3	n/a	n/a
Dividends paid	112	112	n/a	n/a
Dividend per share	$1.08	n/a	n/a	n/a
Shares outstanding at period end	106m	106m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q1 FY2025	Q4 FY2024	A year earlier	Change on the year
Total assets	20,348	20,274	n/a	n/a
Cash and equivalents	39.5	62.0	n/a	n/a
Receivables	735	736	n/a	n/a
Inventory	1,138	1,039	n/a	n/a
Goodwill	7,650	7,650	n/a	n/a
Long-term debt	7,775	7,773	n/a	n/a
Operating lease liabilities	134	144	n/a	n/a
Finance lease liabilities	9.6	8.3	n/a	n/a
Shareholders' equity	7,770	7,694	n/a	n/a

Quarterly results, the last 12 quarters

	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *	Q1 FY2027
Revenue	1,939	2,229	2,206	2,125	2,271	2,186	2,144	2,113	2,330	2,339	2,268	2,219
Cost of revenue	1,214	1,406	1,292	1,328	1,385	1,308	1,320	1,639	1,460	1,512	1,406	1,240
Gross profit	724	823	913	797	886	878	823	475	870	828	862	980
Gross margin	37%	37%	41%	38%	39%	40%	38%	22%	37%	35%	38%	44%
SG&A	334	374	425	390	391	368	381	377	398	363	358	410
Operating income	299	297	406	350	170	-594	-599	45.6	418	-548	444	512
Operating margin	15%	13%	18%	16%	7%	-27%	-28%	2%	18%	-23%	20%	23%
Pre-tax income	249	196	313	246	66.8	-662	-697	-56.5	318	-652	328	428
Tax rate	22%	38%	22%	25%	137%	n/a	n/a	n/a	24%	n/a	-18%	24%
Net income	195	120	245	185	-24.5	-662	-729	-43.9	241	-724	388	324
Net margin	10%	5%	11%	9%	-1%	-30%	-34%	-2%	10%	-31%	17%	15%
Diluted EPS	$1.90	$1.13	$2.31	$1.74	-$0.23	-$6.22	-$6.86	-$0.41	$2.26	-$6.79	$3.64	$3.03
Operating cash flow	177	406	428	173	404	239	394	-10.6	346	558	579	426
Capital expenditure	149	157	131	124	87.0	88.1	95.0	84.3	66.3	71.5	95.3	88.4
Free cash flow	28.2	250	298	49.2	317	151	299	-94.9	280	487	484	337
Buybacks	0.4	0.1	0.3	2.6	0.1	0.4	0.2	4.6	0.4	0.2	0.4	5.7
Dividends paid	108	112	112	112	114	114	114	114	117	117	117	117
Shares outstanding	102m	106m	106m	106m	106m	106m	106m	107m	107m	107m	107m	107m
Filing	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 July 2024, filed 28 August 2024, accession 0000091419-24-000077: the filing on EDGAR. All of J M Smucker Co.'s filings: EDGAR company page.

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