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J. M. Smucker fiscal Q1 profit climbs 12.4% YOY

J. M. Smucker Co. said its normalized net income for the fiscal first quarter ended July 31 was $1.51 per share, compared with the S&P Capital IQ consensus estimate of $1.73 per share.

EPS rose 15.4% year over year from $1.31.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $174.8 million, an increase of 12.4% from $155.5 million in the prior-year period.

The normalized profit margin increased to 9.6% from 8.0% in the year-earlier period.

Total revenue declined 7.0% year over year to $1.82 billion from $1.95 billion, and total operating expenses decreased 9.8% from the prior-year period to $1.50 billion from $1.66 billion.

Reported net income grew 24.7% on an annual basis to $169.3 million, or $1.46 per share, from $135.8 million, or $1.14 per share.