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The J.M. Smucker Company (SJM-0.39%) has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing includes financial statements for the quarter, showing net sales of $2,271.2 million, up from $1,938.6 million in the same quarter the previous year. This increase is largely attributed to the acquisition of Hostess Brands.
Gross profit for the quarter was $886.1 million, representing 39% of net sales, compared to 37.4% in the same quarter of the previous year.
Operating income decreased to $169.7 million from $298.9 million, primarily due to a pre-tax loss on the Voortman business disposal group classified as held for sale.
Net income for the quarter was a loss of $24.5 million, compared to a gain of $194.9 million in the previous year. This was influenced by unfavorable tax impacts related to the Voortman business.
Cash provided by operating activities was $577.1 million, while cash used in investing and financing activities was $225.7 million and $363.7 million, respectively.
The company reported a working capital of $2,055.5 million as of October 31, 2024.
The filing also details the acquisition of Hostess Brands, Inc. for $5.4 billion, which included a combination of cash and stock transactions.
Smucker's acquisition of Hostess Brands added $315.5 million to net sales for the quarter.
The company does not anticipate any material impact from recently issued accounting standards on its financial statements.
Smucker continues to focus on its core brands and expects to achieve cost synergies from the Hostess Brands acquisition by the end of 2026.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the The J.M. Smucker Company quarterly 10-Q report dated November 26, 2024. To report an error, please email earnings@qz.com.