The J. M. Smucker Management Discusses Q1 2013 Results - Earnings Call Transcript

Following this brief introduction, I will turn the call over to Richard for opening remarks. Vince will then provide an update on our business segments, and Mark will close with additional comments on our financial results for the quarter and our outlook for the full year.

During the call today, we may make forward-looking statements that reflect the company's current expectations about future plans and performance. These forward-looking statements rely on a number of assumptions and estimates, and actual results may differ materially due to risk and uncertainties. I encourage you to read the full disclosure statement in the press release concerning forward-looking statements.

Let me also remind you that the company uses non-GAAP results for the purpose of evaluating performance internally. Additional discussion on non-GAAP information is detailed in our press release located on our website at smuckers.com. A replay of this call will also be available on the website. If you have any follow-up questions or comments after today's call, please contact me or Mark Belgya.

I will now turn the call over to Richard.

Richard K. Smucker

Thank you, Sonal. Good morning, everyone, and thank you for joining us. We are pleased to start the new fiscal year with solid results after a challenging back half of fiscal 2012.

Let me begin by summarizing some of the key highlights for the quarter. First, net sales for the quarter increased 15%, with all 3 business segments realizing top line growth. Two of our strategic growth drivers, acquisitions and product innovation, played key roles in achieving higher sales. Volume across most categories improved with total tonnage increasing 2% for the quarter, led by strong performances from our coffee brands and peanut butter. Overall, results exceeded our expectations for the quarter.

Second, non-GAAP earnings per share increased 4% to $1.17 per share. Volume growth and mark-to-market gains were key drivers to this increase. We are pleased with this earnings performance, particularly as we are lapping a strong prior year profit comp in our coffee business.

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