Smucker Releases Q1 Results, Announces Acquisition
Aug 21st 2013 4:38PM
Updated Aug 21st 2013 4:44PM
J.M. Smucker's Q1 2014 figures have come in more or less in line with analyst estimates. The company announced that for the quarter, its net sales were $1.35 billion, down 1% from the $1.37 billion in the same period the previous year. Net income, on the other hand, was $126.6 million ($1.19 per diluted share), a 14% improvement over Q1 2013's $110.9 million ($1.00).
Analysts had expected revenue of $1.34 billion and EPS of $1.20.
Smucker also provided forward guidance. For the entirety of fiscal 2014, net sales are anticipated to drop by 1% from 2013's $5.9 billion, with diluted EPS coming in at $5.72-$5.82. The company had previously forecast per-share earnings of $5.65-$5.75.
The firm also announced that it has acquired privately held Enray, a company it describes as "a leading manufacturer and marketer of premium organic, gluten-free ancient grain products, including sprouted and non-sprouted grains, pasta, and cookies." The terms of the deal were not disclosed.
According to Smucker, Enray posted net sales of more than $45 million in its latest 12-month period.
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