WASHINGTON (dpa-AFX) - The J. M. Smucker Company (SJM) said, for fiscal 2021, the company expects: adjusted earnings per share to range from $7.90 to $8.30; net sales decline of 1 to 2 percent, and free cash flow to range from $900 million to $950 million. The company noted that the outbreak of COVID-19 had a material benefit to fiscal 2020 results and has caused significant uncertainty for fiscal 2021 projections. The projected decline in net sales reflects lapping the $185 million of incremental net sales in the fourth quarter of fiscal 2020 and an estimated $120 million COVID-related reduction to fiscal 2021 net sales.
Fourth quarter adjusted earnings per share was $2.57, an increase of 24 percent from previous year. Net sales increased 10 percent to $2.09 billion, driven by increased consumer demand resulting from the COVID-19 pandemic.
The company said its fourth quarter results included approximately $185.0 million of incremental net sales versus prior expectations. The estimated benefit to earnings per share was approximately $0.50 from the mid-point of the company's prior guidance.
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