The J.M. Smucker Company (NYSE: SJM) reported financial results for the fourth quarter ended April 30th, 2020. Net sales rose 10% to USD 189.9 Million due to increased consumer demand from the COVID-19 pandemic. Net sales for the full year amounted to USD 7.8 Billion. Net income per share amounted to USD 1.98 as earnings per share was USD 2.57. The company expects fiscal 2021 earnings per share to range from USD 7.90 to USD 8.30.
“I am extremely proud and thankful for how our employees have responded during the COVID-19 pandemic. We ensured our employee safety and well-being, supported the communities where we do business, maintained our product quality standards, and partnered with our suppliers and retailers to provide a steady supply of food for consumers and their pets,” said Mark Smucker, President and Chief Executive Officer.
“Our strong response is reflected in our exceptional fourth quarter results, with record-setting net sales and adjusted earnings per share. This exceptional growth is a testament to the strength of our brands and consumer-centric strategy, as consumers turned to trusted products to stock their kitchens as stay-at-home orders were implemented across North America.”
“Looking ahead, we anticipate increased at-home consumption to continue during the beginning of our fiscal year 2021 – though at a more moderate rate as stock-up purchasing in the fourth quarter is not anticipated to reoccur, and significant declines for the Away From Home business are expected to persist throughout the year. We remain focused on meeting the demand needs created by the current environment, while continuing to execute against our strategic priorities to position the business for long-term growth.”