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J. M. Smucker Co Updates FY18 Guidance - Quick Facts

The J. M. Smucker Company (SJM) announced, for fiscal 2018, the company now expects adjusted earnings per share in a range of $8.20 - $8.30, up from prior outlook of $7.75 - $7.90. Free cash flow is now projected to be $825 million, revised from prior guidance of $775 million. Net sales are expected to be in the range of flat to down slightly, compared to the prior year.

The company said the increase in earnings and cash flow guidance primarily reflects the benefit of a lower effective tax rate as a result of U.S. income tax reform, partially offset by anticipated freight cost increases and a charge related to obsolete inventory in the third quarter. The guidance also excludes any potential impact following completion of the company's previously announced definitive agreement to acquire the Wesson oil brand from Conagra Brands.

Third-quarter adjusted earnings per share was $2.50, an increase of 25 percent, including approximately $0.35 per share related to a lower current year tax rate due to U.S. income tax reform. Net sales increased 1 percent, reflecting growth across most of the company's key brands and categories.

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