J.M. Smucker (NYSE:
NYSE:SJM) reports net sales rose 47% in FQ1 due to acquisition of Big Heart Pet Brands and the Company's U.S. retail launch of Dunkin' Donuts K-Cup pods.
Excluding the acquisition and currency impact net sales increased 6% for the period.
Revenue by segment: U.S. Retail Coffee: $565M (+12%); U.S. Retail Consumer Foods: $582.2M (flat); U.S. Retail Pet Foods: $549.9M; International and Foodservice: $254.9M (+7%).
Adjusted gross margin rate grew 20 bps to 38%.
Adjusted operating margin rate fell 130 bps to 15.5%.
EBITDA margin remained constant Y/Y at 19.3%.
Total SG&A expenses rate +80 bps to 19.9%.
FY2016 Guidance: Net sales: $8B; Non-GAAP EPS: $5.65 - $5.80; Adjusted non-GAAP EPS: $6.80 - $6.95; Free cash flow: $900M; Capex: $200M.