Negociacion y conflicto

For Immediate Release The J. M. Smucker Company Announces Fourth Quarter and Full Year Results • • • • Company completes another strong fiscal year Q4 net sales increase 11 percent; volume up 2 percent Restructuring charges result in lower operating income; Q4 operating income increases 4 percent, excluding charges Company provides sales and earnings outlook for 2012

ORRVILLE, Ohio, June 9,2011 --The J. M. Smucker Company (NYSE: SJM) today announced results for the fourth quarter and fiscal year ended April 30, 2011.

Executive Summary
Three Months Ended April 30, % Increase (Decrease) Year Ended April 30, % Increase (Decrease)

2011

2010

2011

2010

(Dollars in millions, except per share data) Net sales Operating income
% of net sales

$ 1,187.2 $ 166.1
14.0%

$1,069.1 $ 181.0
16.9%

11% (8%)

$ 4,825.7 $ 784.3
16.3%

$ 4,605.3 $ 790.9
17.2%

5% (1%)

Net income: Income Income per diluted share EBITDA
% of net sales

$ $ $

94.9 0.82 228.0
19.2%

$ $ $

120.6 1.01 233.1
21.8%

(21%) (19%) (2%)

$ 479.5 $ 4.05 $ 1,023.9
21.2%

$ $ $

494.1 4.15 978.9
21.3%

(3%) (2%) 5%

•

Non-GAAP income per diluted share was$1.00 and $1.07 for the fourth quarters of 2011 and 2010, a decrease of 7 percent, and $4.69 and $4.37 for the years ended April 30, 2011 and 2010, an increase of 7 percent, respectively.

•

Non-GAAP income per diluted share excludes restructuring and merger and integration costs (“special project costs”) of $0.18 and $0.06 per diluted share, in the fourth quarters of 2011 and 2010, and $0.64 and$0.22 in the years ended April 30, 2011 and 2010, respectively.

•

Results for the fourth quarter of 2010 benefited from a $12.9 million gain on the Company’s March 2010 divestiture of potato products and a significantly lower effective tax rate.

Page 1

“Our long-term focus and strategy of owning and marketing leading brands have allowed us to deliver another year of strong sales andearnings,” commented Tim Smucker, Chairman of the Board and Co-Chief Executive Officer. “We are gratified to have achieved these results in a challenging operating environment. Our ongoing success provides opportunities to return value to our shareholders. During the year, we repurchased over four percent of our outstanding common shares and increased the dividends paid by 17 percent. Totalshareholder return for 2011 exceeded 25 percent reflecting the impact of these actions.” “As we begin the new fiscal year, we remain focused on building our brands while navigating through this period of commodity cost volatility,” added Richard Smucker, Executive Chairman and Co-Chief Executive Officer. “We continue to demonstrate our ability to effectively manage these challenges while providing valueto our consumers. With a number of key initiatives and new products planned for 2012, along with contributions from the recently acquired Rowland Coffee Roasters brands, we are confident in providing full year earnings per share guidance that is consistent with our stated long-term growth objectives.”

Net Sales
Three Months Ended April 30, Increase 2011 2010 (Decrease) % 2011 (Dollars inmillions) 11% $ 4,825.7 Year Ended April 30, Increase 2010 (Decrease) %

Net sales Adjust for certain noncomparable items: Divestitures Foreign exchange Net sales, excluding divestitures and foreign exchange
Amounts may not add due to rounding.

$

1,187.2

$ 1,069.1

$

118.1

$

4,605.3

$

220.5

5%

(5.4) $ 1,181.8

(5.0) $ 1,064.1 $

5.0 (5.4) 117.7

0% (1%) 11% $(22.1) 4,803.7 $

(40.4) 4,564.9 $

40.4 (22.1) 238.8

1% 0% 5%

Net sales in the fourth quarter of 2011 increased $118.1 million, or 11 percent, compared to the fourth quarter of 2010, as the net impact of price realization contributed approximately 8 percent of the overall increase. Volume increased 2 percent as gains were realized in the majority of our brands including Pillsbury®...