This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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

Lastly, our cash from operations was a first quarter record with an increase of $167 million. Our ongoing ability to generate strong cash flow provides continuing opportunities to enhance shareholder value. To that end, last month, the board authorized an 8% increase in the quarterly dividend rate payable in September.

Our first quarter results reflect the progress that continues to be made on the key areas of focus that we discussed at our year-end call. As we have stated, these were designed to address both short-term challenges as well as further position the company for long-term growth and include the following: further building our brands through increased investments in marketing support; continuing to drive our innovation pipeline; optimizing price points to meet our consumer needs and address competition; capitalizing on our recent acquisitions; and continuing to optimize our supply chain. We are pleased with what we've accomplished in these areas and Vince will expand on these as he discusses the segments in a moment. We will remain focused on these priorities as we move ahead.

From an industry perspective, consumers clearly continue to feel pressed by the economy and we don't expect overnight reversals in consumer confidence. However, we are beginning to see some positive indicators in industry volume trends. While total U.S. retail food and beverage volume has been soft for an extended period, the industry has seen gradual improvements from the 52-week to the 12-week to the 4-week reporting periods with volume up slightly in the latest 4-week period. Moderating food inflation, as a result of declining commodity costs, has clearly been a factor in this improvement in the food and beverage volume. That being said, the impact of the current U.S. drought will not be fully understood and realized by the industry for a number of months. We will be monitoring this area and adjusting as appropriate. Overall, while we remain cautious, we are more optimistic about the near term than we were a few months ago.

Read the rest of this transcript for free on

3 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,813.39 +1.20 0.01%
S&P 500 2,088.87 -0.27 -0.01%
NASDAQ 5,116.1430 +13.3350 0.26%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs