J. M. Smucker Q4 net sales increased 25 percentStaff writer ▼ | June 9, 2016
The J. M. Smucker Company announced results for the fourth quarter ended April 30, 2016, of its 2016 fiscal year. Net sales increased 25 percent in the fourth quarter.
J. M. Smucker The contribution from Big Heart Pet Brands
Net income per diluted share increased to $1.61 in the fourth quarter, including a noncash deferred tax benefit of $50.5 million, or $0.42 per share.
This compares to a net loss per diluted share of $0.82 in the prior year, which was impacted by financing activities and purchase accounting adjustments related to the Big Heart acquisition. For the full year, net income per diluted share was $5.76.
Non-GAAP income per diluted share was $1.86 in the fourth quarter, compared to a non-GAAP loss per diluted share of $0.41 in the prior year. For the full year, non-GAAP income per diluted share was $6.57. Both current year measures include the $0.42 per share deferred tax benefit.
The full-year measure also includes the $0.15 per share gain on the U.S. canned milk divestiture that occurred in the third quarter.
Cash provided by operating activities was $335.5 million in the fourth quarter, compared to $221.6 million in the prior year.
The Company provided its fiscal 2017 net sales and earnings outlook, with net sales expected to decrease 1 percent. Adjusted non-GAAP income per diluted share is expected to range from $7.60 to $7.75.
This measure is not comparable to the non-GAAP income per diluted share measure above, as it excludes amortization expense. ■