J. M. Smucker Q3 net income per diluted share $1.16
Net income per diluted share was $1.16, including a noncash impairment charge related to certain indefinite-lived trademarks, compared to $1.55 in the prior year.
The prior year included a $0.14 per share gain on the U.S. canned milk divestiture.
Adjusted earnings per share were $2.00 compared to $2.05 in the prior year. Excluding the gain on the divestiture in the prior year, adjusted earnings per share increased 5 percent.
Incremental synergy realization was $26.3 million in the third quarter and $86.8 million through the first three quarters of fiscal 2017.
The company now expects to recognize $120 million of incremental synergies in fiscal 2017, an increase of $20 million from its previous guidance.
Cash provided by operating activities was $419.5 million in the third quarter. Free cash flow was $366.9 million in the quarter and $658.2 million through the first three quarters of fiscal 2017.
The company updated its full-year fiscal 2017 net sales, earnings, and free cash flow outlook. ■
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