The J. M. Smucker Company reported unaudited consolidated earnings results for the fourth quarter and year ended April 30, 2017. For the quarter, the company reported net sales of $1,783.8 million compared to $1,807.6 million a year ago. Operating income was $196.7 million compared to $246.1 million a year ago. Income before income taxes was $161.9 million compared to $210.2 million a year ago. Net income was $110.4 million or $0.96 per basic and diluted share compared to $191.0 million or $1.61 per basic and diluted share a year ago. Net cash provided by operating activities was $264.1 million compared to $336.2 million a year ago. Additions to property, plant, and equipment were $55.8 million compared to $40.6 million a year ago. Adjusted income was $206.7 million compared to $265.3 million a year ago. Adjusted EBITDA was $363.9 million compared to $357.1 million a year ago. Adjusted earnings per share were $1.80 per share compared to $2.23 per diluted share a year ago. Adjusted operating income was $338.8 million compared to $331.0 million a year ago. Adjusted income before income taxes was $304.0 million compared to $295.1 million a year ago.

For the year, the company reported net sales of $7,392.3 million compared to $7,811.2 million a year ago. Operating income was $1,031.5 million compared to $1,145.3 million a year ago. Income before income taxes was $878.4 million compared to $977.9 million a year ago. Net income was $592.3 million or $5.76 per diluted share compared to $688.7 million or $3.33 per diluted share a year ago. Net cash provided by operating activities was $1,059.0 million compared to $1,458.3 million a year ago. Additions to property, plant, and equipment were $192.4 million compared to $201.4 million a year ago. Adjusted income was $895.9 million compared to $931.3 million a year ago. Adjusted EBITDA was $1,593.7 million compared to $1,579.1 million a year ago. Adjusted earnings per share were $7.72 per share compared to $7.79 per diluted share a year ago. Adjusted operating income was $1,481.8 million compared to $1,489.8 million a year ago. Adjusted income before income taxes was $1,328.7 million compared to $1,322.4 million a year ago.

For the fiscal 2018, the company expects adjusted earnings per share expected to range from $7.85 to $8.05, free cash flow of $775 million, capital expenditures of $310 million and effective tax rate of 32.5% to 33.0%. Net sales are expected to increase approximately 1% from fiscal 2017, primarily reflecting higher net price realization. Adjusted earnings per share is expected to range from $7.85 to $8.05, based on 113.6 million shares outstanding, reflecting the company's repurchase of 3.0 million shares in the fourth quarter of fiscal 2017.