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Smucker's Announces $1000 Employee Bonuses, $20M Added to Employee Pensions
PJ Media ^ | February 19, 2018 | Paula Bolyard

Posted on 02/19/2018 6:32:49 PM PST by jazusamo

(Image via J.M. Smucker Company)

The J.R. Smucker company announced last week that 5000 employees will be receiving $1000 bonuses as a result of the Republican tax plan. They also plan to add $20 million to the employee pension program and donate an additional $1 million to charity.

"We had a strong third quarter, with sales growth for key brands in every business and strong earnings per share growth fueled by the benefits of U.S. income tax reform and ongoing cost discipline," said Mark Smucker, chief executive officer, in a press release. "These results reflect our commitment to delivering top and bottom line growth and supporting our portfolio of iconic and emerging brands. In addition, the benefits of income tax reform provide incremental fuel to invest in our growth initiatives and support our employees and communities as well as opportunities to increase cash returned to shareholders."

Smucker's also updated its fiscal year 2018 forecast to reflect the company's optimistic outlook.

Although net sales are expected to be down over the previous year, the company expects to see earnings increase.

"The increase in earnings and cash flow guidance primarily reflects the benefit of a lower effective tax rate as a result of U.S. income tax reform, partially offset by anticipated freight cost increases and a charge related to obsolete inventory in the third quarter," Smucker's said. "For fiscal 2019, the Company projects an effective tax rate of 23 percent."

Smucker's shared the following statistics:

  • Net sales increased 1 percent, reflecting growth across most of the Company's key brands and categories.
  • Net income per diluted share was $7.32, including a substantial nonrecurring benefit related to recently enacted U.S. income tax reform, partially offset by a noncash impairment charge within the U.S. Retail Pet Foods segment.
  • Adjusted earnings per share was $2.50, an increase of 25 percent, including approximately $0.35 per share related to a lower current year tax rate due to U.S. income tax reform.
  • Cash provided by operating activities was $469.0 million, compared to $419.5 million in the prior year.
  • Free cash flow was $388.7 million in the quarter and $693.3 million through the first nine months of fiscal 2018.
  • The Company increased its full-year 2018 earnings and free cash flow outlook.
  • With the benefit resulting from U.S. income tax reform, the Company contributed an incremental $20.0 million to its employee pension plan and has announced a one-time bonus of $1,000 to nearly 5,000 employees and a $1 million increase to its charitable contributions.

Five thousand of the Ohio company's 7000 employees will be eligible for the bonuses. Smucker's said that the 2000 employees not receiving bonuses this round are already part of the annual incentive plan.

Smucker's joins hundreds of companies that have awarded bonuses as a result of Republican tax reforms, including American Airlines, Bank of America, Comcast, Lowe’s and AT&T. Americans for Tax Reform has a comprehensive list here. Other companies, including Walmart and Wells Fargo , have announced that minimum wage employees will be getting a raise.



TOPICS: Business/Economy; Culture/Society; News/Current Events; Politics/Elections; US: Ohio
KEYWORDS: bonuses; economy; ohio; retirementfunds; smuckers; taxcutandreformact; taxcuts; trump; trumptaxcuts
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More Winning!

About $25 Million more of "Pelosi's crumbs."

1 posted on 02/19/2018 6:32:49 PM PST by jazusamo
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To: jazusamo

How many dogs were poisoned to make that much money? http://people.com/pets/dog-food-recall-euthanasia-drug/


2 posted on 02/19/2018 6:36:06 PM PST by PAR35
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Democrats Outraged!!!


3 posted on 02/19/2018 6:36:40 PM PST by dsrtsage (For Leftists, World History starts every day at breakfast)
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To: PAR35

I don’t know if any were intoxicated let alone poisoned.


4 posted on 02/19/2018 6:38:35 PM PST by HiTech RedNeck (Tryin' hard to win the No-Bull Prize.)
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To: PAR35

Too bad they don’t make food for Demoncrats.


5 posted on 02/19/2018 6:38:49 PM PST by HighSierra5
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To: jazusamo

The “pot of jam” bonus


6 posted on 02/19/2018 6:39:16 PM PST by HiTech RedNeck (Tryin' hard to win the No-Bull Prize.)
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To: HiTech RedNeck

Now on to making the bonus tax free!


7 posted on 02/19/2018 6:40:15 PM PST by DIRTYSECRET (urope. Why do they put up with this.)
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MAGA!

Support Free Republic, Folks!

Please bump the Freepathon or click above to donate or become a monthly donor!

8 posted on 02/19/2018 6:45:01 PM PST by jazusamo (Have YOU Donated to Keep Free Republic Up and Running?)
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To: jazusamo

It is news like this that can put Dems in a jam...


9 posted on 02/19/2018 6:45:09 PM PST by gov_bean_ counter (Free Republic has been reduced to primarily a gathering place for the inane, banal, and obtuse.)
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To: jazusamo

with a name like Smuckers, is it any good?


10 posted on 02/19/2018 6:45:41 PM PST by dontreadthis (I finally came up with this taglineI)
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To: PAR35

Why are people always complaining about the youth in Asia???

Never mind.


11 posted on 02/19/2018 6:46:38 PM PST by gov_bean_ counter (Free Republic has been reduced to primarily a gathering place for the inane, banal, and obtuse.)
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To: dontreadthis

Their jam is the best.


12 posted on 02/19/2018 6:47:58 PM PST by jazusamo (Have YOU Donated to Keep Free Republic Up and Running?)
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To: jazusamo

Beats the heck out of a subscription to the “Jelly of the Month Club”


13 posted on 02/19/2018 6:48:47 PM PST by digger48
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To: jazusamo

‘10,000 nuns and orphans jam’


14 posted on 02/19/2018 6:49:55 PM PST by moehoward
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To: jazusamo
About $25 Million more of "Pelosi's crumbs."

I'd rather those "crumbs" go to the workers who earned them, than to the government via sky-high taxes where ah*les like Pelosi steal it and enrich themselves. Pelosi hates working stiffs, and democrats are always out to stiff the workers.

15 posted on 02/19/2018 7:01:31 PM PST by roadcat
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To: roadcat

You’re dead on the mark.


16 posted on 02/19/2018 7:04:31 PM PST by jazusamo (Have YOU Donated to Keep Free Republic Up and Running?)
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To: gov_bean_ counter

...It is news like this that can put Dems in a jam..

And if the liberals at Heinz don’t don’t follow suit, it’ll put them in a pickle.


17 posted on 02/19/2018 7:04:51 PM PST by Sasparilla ( I'm Not Tired of Winning)
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To: jazusamo

How about some jam with those crumbs Nancy?


18 posted on 02/19/2018 7:12:11 PM PST by mass55th (Courage is being scared to death - but saddling up anyway...John Wayne)
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To: mass55th

Bump! :)


19 posted on 02/19/2018 7:13:22 PM PST by jazusamo (Have YOU Donated to Keep Free Republic Up and Running?)
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To: digger48

[ Beats the heck out of a subscription to the “Jelly of the Month Club” ]

That there is the gift that keeps on giving...


20 posted on 02/19/2018 7:23:06 PM PST by ObozoMustGo2012 ("Be quiet... you are #fakenews!")
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