The J.M. Smucker Co. reported a 47% increase in sales, or US$628.2 million, in the first quarter, after its acquisition of Big Heart Pet Brands.
The company announced a record $1.95 billion in sales for the first quarter of its 2016 fiscal year. Operating income rose 39 percent, to $267.1 million, and diluted net income per common share stayed at $1.14. Its stock price jumped $8 a share, to $117.21.
In February 2015, Smucker's announced that it would acquire Big Heart Pet Brands for US$5.8 billion, including US$2.6 billion of net debt. The purchase marked Smucker's entrance into the petfood and snacks category and expands its overall presence in consumer packaged goods. Smucker's acquired brands including Meow Mix, Milk-Bone, Kibbles 'n Bits, 9Lives, Natural Balance, Pup-Peroni, Gravy Train, Nature's Recipe, Canine Carry Outs and Milo's Kitchen.
'We are off to a solid start this fiscal year,' Chief Executive Richard Smucker said in a written statement. 'Contributions from the Big Heart acquisition and new products were key drivers of this performance.'
'Overall, we are on track to achieve our full year expectations for net sales and earnings, and are confident about the initiatives we have in place to support future growth,' he said.
CLEVELAND, Ohio -- The J.M. Smucker Co.'s decision to take a big bite out of the pet food aisle is paying off, with sales up 47 percent, or $628.2 million, in the first quarter after the food company acquired Big Heart Pet Brands. Smucker said the launch of its Dunkin' Donuts K-Cup pods at U.S. ...
Smucker Co. reported Thursday that profit for the first quarter grew 18 percent from last year, reflecting strong double-digit sales grow amid contribution from acquisitions. However, both adjusted earnings per share and quarterly revenues topped analysts' expectations. The company also reaffirmed its earnings and sales guidance for the full-year 2016.
ORRVILLE, Ohio, Aug. 27, 2015 /PRNewswire/ -- The J. M. Smucker Company (NYSE: SJM) today announced results for the first quarter ended July 31, 2015, of its 2016 fiscal year. All comparisons are to the first quarter of the prior fiscal year, unless otherwise noted. 'We are off to a solid start ...
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