The J. M. Smucker Company announced unaudited consolidated earnings results for the first quarter ended July 31, 2017. For the quarter, net sales were $1,748.9 million compared to $1,815.8 million a year ago. Operating income was $233.8 million compared to $293.8 million a year ago. Income before income taxes was $189.0 million compared to $253.4 million a year ago. Net income was $126.8 million or $1.12 per diluted share compared to $170 million or $1.46 per diluted share a year ago. Net cash provided by operating activities was $304.3 million compared to $238.9 million a year ago. Additions to property, plant, and equipment were $69.6 million compared to $50.2 million a year ago. Adjusted operating income was $300.5 million compared to $364.0 million a year ago. Adjusted income was $171.6 million compared to $217.2 million a year ago. EBITDA (as adjusted) was $337.0 million compared to $400.6 million a year ago. Free cash flow was $234.7 million compared to $188.7 million a year ago. The company's reported adjusted EPS decreased to $1.51 from $1.86 a year ago. Adjusted income before income taxes was $255.7 million compared to $323.6 million a year ago.

The company revised earnings guidance for the full year ending April 30, 2018. The company expects adjusted earnings per share to range from $7.75 to $7.95 compared to range from $7.85 to $8.05 previous guidance. Net sales are expected to be down slightly compared to the prior year. The company reaffirms free cash flow of $775 million, capital expenditures of $310 million. Net cash provided by operating activities are expected to be $1,085 million. The company reaffirms effective tax rate to range from 32.5% to 33.0%. Net income per common share - assuming dilution expected to range from $6.19 to $6.39. Full year guidance range anticipates a high-single-digit percent decline in adjusted EPS for the second quarter, primarily reflecting a revised projection for coffee segment profit.