JM Smucker Co SJM
Q4 2013 Earnings Call Transcript

Transcript Call Date 06/06/2013

Operator: Good morning and welcome to The J. M. Smucker Company's Fourth Quarter 2013 Earnings Conference Call. At this time, I would like to inform you that the conference is being recorded and that all participants are in a listen-only mode. At the request of the Company, we will open the conference up for questions and answers after the presentation. Please limit yourself to two initial questions during the Q&A session and re-queue if you then have additional questions.

I will now turn the conference call over to Sonal Robinson, Vice President of Investor Relations. Please go ahead.

Sonal Robinson - VP, IR: Good morning everyone, and welcome to our fourth quarter earnings conference call. Thank you for joining us today.

On the call with me are Richard Smucker, Chief Executive Officer; Vince Byrd, President and Chief Operating Officer; Mark Belgya, Chief Financial Officer; Steve Oakland, President, International, Foodservice and Natural Foods; Mark Smucker, President, U.S. Retail Coffee; and Paul Smucker Wagstaff, President, U.S. Retail Consumer Foods.

Following this introduction, Richard will provide an update of fiscal 2013 and initial thoughts as we head into 2014. 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 2014. Before I turn the call over to Richard, let me remind you that we may make forward-looking statements during this call 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 risks and uncertainties. I encourage you to read the full disclosure statements in the press release concerning forward-looking statements.

Additionally, please note the Company uses non-GAAP results for the purpose of evaluating performance internally. Discussion on non-GAAP information is detailed in our press release located on our website at 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 - CEO: Thank you, Sonal. Good morning everyone, and thank you for joining us. This morning, we reported strong fourth quarter results that capped off another year of growth. We are pleased with our fiscal 2013 performance as we delivered record sales, earnings, and cash flow, while continuing to return cash to our shareholders. Vince and Mark will cover specifics of the quarter, so let me highlight a few of our many accomplishments during the past fiscal year.

Net sales increased 7% to nearly $5.9 billion for the year, reflecting solid growth across our key categories and brands. In the Coffee segment, volume for the Folgers and Dunkin' Donuts brands were up 3% and 11% respectively, while Cafe Bustelo and the Pilon brands both achieved mid-teen percentage growth.

In addition, K-Cups continued their strong performance, contributing nearly $290 million of the segment's net sales. Within Consumer Foods, volume for the Jif brand grew 8%, while Smucker's Uncrustables increased 23%. Innovation from Pillsbury continued to strengthen that brand overall position.

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