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Aug. 27, 2015, 9:43 AM
- J.M. Smucker (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.
Aug. 27, 2015, 7:02 AM
- J. M. Smucker (NYSE:SJM): FQ1 EPS of $1.32 beats by $0.09.
- Revenue of $1.95B (+47.7% Y/Y) beats by $50M.
Aug. 26, 2015, 5:30 PM
Aug. 19, 2015, 7:13 AM
Aug. 12, 2015, 12:47 PM
- Corn prices have swung sharply lower after the USDA raised a forecast for corn production off of improved yields.
- The corn crop is seen coming in at 13.686B bushels vs. 13.53B prior forecast and 13.332B consensus estimate.
- Food sellers could see some back-half cost and feed relief if the trend holds.
- Related stocks: GIS, K, POST, KO, PEP, PPC, CPB, TSN, SEB, SJM.
- Related ETF: CORN
- USDA Crop Production report.
Jul. 16, 2015, 5:18 PM
- J. M. Smucker (NYSE:SJM) declares $0.67/share quarterly dividend, 4.7% increase from prior dividend of $0.64.
- Forward yield 2.47%
- Payable Sept. 1; for shareholders of record Aug. 14; ex-div Aug. 12.
Jul. 9, 2015, 6:15 PM| Jul. 9, 2015, 6:15 PM
Jul. 6, 2015, 2:14 PM
- Keurig Green Mountain (GMCR -3.6%) is slammed after SunTrust cut its stock price target to $70 from $95, citing a loss of market share to the likes of Kraft Heinz (KHC), JM Smucker (NYSE:SJM) and Starbuck (NASDAQ:SBUX).
- The firm thinks GMCR will need to address share losses for its company-owned brands sooner rather than later, which will pressure earnings; market share for GMCR-owned brands have dropped to 28% from 35% over the past year and posted a 5% sales decline and 12% volume decline in the most recent four-week period, according to Nielsen, lost to GMCR’s licensed partners which have stronger brands and are promoting their products more than GMCR.
- SunTrust says it does not believe GMCR wants simply to be a contract manufacturer for the industry; GMCR will need to step up promotions in the coming months while working through its higher-cost coffee hedges, which the firm cites as the key reason behind its FY 2015 earnings reduction.
Jul. 1, 2015, 8:21 AM
- J.M. Smucker (NYSE:SJM) cuts prices on packaged coffee products by an average of 6%.
- The reduced pricing impacts products sold under the Folgers and Dunkin' Donuts brand names.
- Wholesale coffee prices have moderated over the last six months (Robusta chart).
- Related stocks: KRFT, GMCR, DNKN, OTCPK:RBGLY, OTCPK:RBGPF, SBUX.
Jun. 4, 2015, 7:15 AM
- J.M. Smucker (NYSE:SJM) received a boost to sales in FQ4 from the acquisition of Big Heart.
- Revenue growth by segment: U.S. Retail Coffee -1% to $468.6M, U.S. Retail Consumer Foods -8% to $427.5, International/Foodservice/Natural +6% to $311.9M, U.S Retail Pet Foods $239.1M.
- Sales mix worked in the company's favor in FQ4.
- Price realization added two points of growth during the quarter.
- Marketing costs rate +110 bps to 5.3%.
- Total SG&A expense rate +100 bps to 7.6%.
- Operating income rate -1006 bps to 4.9%.
Jun. 4, 2015, 7:02 AM
- J. M. Smucker (NYSE:SJM): FQ4 EPS of $0.98 misses by $0.01.
- Revenue of $1.44B (+17.1% Y/Y) beats by $100M.
Jun. 3, 2015, 5:30 PM
Jun. 1, 2015, 12:49 PM
- Iconic food and beverage brands continue to grow out of favor with U.S. consumers, according to a new report from Rabobank.
- Many Q1 earnings reports tipped off weakness at well-known F&B brands.
- The bank notes that the increasing purchase power of the millennial generation is a major factor in the shift as e-commerce accounts for a higher mix of purchasing.
- A willingness of major retail chains such as Target (NYSE:TGT), Kroger (NYSE:KR), and Costco (NASDAQ:COST) to attempt to differentiate themselves with new concepts and products has also contributed to well-known brands slipping.
- Rabobank thinks major food and beverage players can still show strong growth rates if they are nimble with their strategy and use M&A wisely to catch fresh brands on the upswing.
- Related stocks: K, GIS, CPB, MDLZ, PEP, KO, HSY, SJM, DPS, KRFT, OTCPK:NSRGY, OTCPK:NSRGF.
May 15, 2015, 12:40 PM
- Dan Loeb's Third Point LLC exited its 10M-share Alibaba (BABA - unchanged) position in Q1, after having upped its stake in the Chinese e-commerce giant in Q4. (13F filing)
- The firm also unloaded its 7M-share position in EMC (EMC -0.1%), which confirmed during the quarter it doesn't plan to spin off VMware, and a 4M-share stake in Williams (WMB +1.3%).
- A 3.3M-share stake was taken in Yum Brands (YUM +3.6%), a 900K-share stake in FedEx (FDX +0.7%), a 1.15M-share stake in J.M. Smucker (SJM -0.1%), and a 626K-share stake in McKesson (MCK). Loeb also respectively took 1.6M-share and 3.5M-share stakes in chipmakers NXP (NXPI +0.2%) and Maxim (MXIM +0.4%).
- Stakes were increased in Delta Air Lines, Actavis, FleetCor, and Roper Technologies, and decreased in Amgen, Ally Financial, eBay, Phillips 66, and Anheuser Busch. Interestingly, a modest 90K-share position was taken in top Alibaba rival JD.com (JD -0.8%).
- Meb Faber observes someone tracking Loeb's top 10 picks since 2000 would have obtained a 12.4% annual return since 2000 (504.8% overall), soundly beating the S&P 500's 4.4% (95.4% overall).
May 14, 2015, 11:05 AM
- The National Weather Service forecasts a continuation of El Nino conditions in the Pacific Ocean late into the year.
- The outlook is consistent with a recent statement from across the ocean by the Japanese Meteorological Agency.
- In the past, El Nino conditions have contributed to drought conditions in Central and South America to impact coffee costs for sellers.
- Related stocks: GMCR, SBUX, JVA, SJM, KRFT, DNKN, OTCQB:JAMN.
- Related ETFs: JO
- El Nino Advisory (.pdf)
Apr. 20, 2015, 2:58 PM
- Pet spending in the U.S. is expected to rise 4.4% to $60.59B this year.
- The food category is seen rising 3.5%, while growth of 4.7% is forecast for the supplies and medicine category.
- Sale of premium food weren't broken out, but is seen outpacing the overall industry.
- Related stocks: FRPT, PETM, SJM, PETS.
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