The J.M. Smucker Company experienced a 47% increase in sales after their acquisition of Big Heart Pet Brands. Sales increased by $628.2 million USD for a total of $1.95 billion USD in sales. Diluted net income per common share remained at $1.14 USD and stock increased by $8 USD per share.
The purchase enabled Smuckers to enter the pet-food market. Brands included in the acquisition were Meow Mix, Milk-Bone, Kibbles 'n Bits, 9Lives, Natural Balance, Pup-Peroni, Gravy Train, Nature's Recipe, Canine Carry Outs and Milo's Kitchen.
Smucker’s Chief Executive, Richard Smucker said, “We are off to a solid start this fiscal year. Contributions from the Big Heart acquisition and new products were key drivers of this performance. Overall, we are on track to achieve our full year expectations for net sales and earnings, and are confident about the initiatives we have in place to support future growth.”
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