Plus   Neg

J.M. Smucker Reiterates FY21 Outlook; Provides Long-term Growth Targets - Quick Facts

J.M. Smucker Co. (SJM) said Thursday that at a virtual investor day today, it will outline its strategic goals and operational priorities to create long-term and sustainable shareholder value. The company also reaffirmed its fiscal year 2021 outlook and shared long-term financial targets.

For fiscal 2021, J.M. Smucker reiterated its outlook for net sales growth to be flat to up 1 percent, adjusted earnings per share to range from $8.35 to $8.65, and free cash flow to range from $975 million to $1,025 million.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $8.74 per share for the year on revenue growth of 0.8 percent to $7.86 billion. Analysts' estimates typically exclude special items.

The outlook reflects the removal of five months of divested net sales of about $100 million as well as the removal of adjusted earnings per share of $0.20, excluding any potential benefit from the use of proceeds from the sale.

The guidance does not reflect any impact of the pending Natural Balance divestiture, which the company anticipates to be immaterial to fiscal year 2021 earnings.

J.M. Smucker also provided long-term annual growth targets, including net sales growth of 2 percent, adjusted earnings per share growth of 8 percent and total shareholder return of 10 percent or greater.

For comments and feedback contact: editorial@rttnews.com

Business News

Follow RTT