JM Smucker Reports Q2 EPS $1.29 vs $1.40 Est; Revenues $1.51B vs $1.49B Est
The J. M. Smucker Company (NYSE: SJM) today announced results for the second quarter ended October 31, 2011, of its 2012 fiscal year. Results for the quarter and six months ended October 31, 2011, include the operations of Rowland Coffee Roasters, Inc. since the completion of the acquisition on May 16, 2011.
GAAP and non-GAAP results for the second quarter and first six months of 2012 include a loss of approximately $11.3 million on the Company's divestiture of the Europe's Best® frozen fruit and vegetable business.
Non-GAAP income per diluted share was $1.29 and $1.38 for the second quarters of 2012 and 2011, and $2.41 and $2.42 for the first six months of 2012 and 2011, respectively, a decrease of 7 percent for the quarter and flat for the first six months.
Non-GAAP income per diluted share excludes restructuring and merger and integration costs of $0.17 and $0.13 per diluted share in the second quarters of 2012 and 2011, and $0.32 and $0.31 for the first six months of 2012 and 2011, respectively.
Results for the second quarter of 2012 were impacted by a higher effective tax rate of 34.1 percent, compared to 32.5 percent in the second quarter of 2011. Income per diluted share in the second quarter and first six months of 2012 benefited from a decrease in weighted-average common shares outstanding, as a result of the Company's share repurchase activities.
