Benzinga | Dec 10, 2020 07:10AM EST

J.M. Smucker Reaffirms FY21 Adj. EPS Guidance $8.35-$8.65 vs $8.74 Est.

Fiscal Year 2021 Financial Outlook

The Company reiterated its fiscal year 2021 financial guidance of net sales growth to be flat to up 1 percent, adjusted earnings per share to range from $8.35 to $8.65, and free cash flow to range from $975 million to $1,025 million. The guidance reflects the removal of five months of divested net sales of approximately $100 million and the removal of adjusted earnings per share of $0.20, excluding any potential benefit from the use of proceeds from the sale. The guidance does not reflect any impact of the pending Natural Balance(r) divestiture, which is anticipated to be immaterial to fiscal year 2021 earnings. The Company anticipates offsetting the earnings dilution and using the after-tax proceeds for share repurchases, over time.