JM Smucker Company (SJM)
Pretax margin
| Apr 30, 2025 | Jan 31, 2025 | Oct 31, 2024 | Jul 31, 2024 | Apr 30, 2024 | Jan 31, 2024 | Oct 31, 2023 | Jul 31, 2023 | Apr 30, 2023 | Jan 31, 2023 | Oct 31, 2022 | Jul 31, 2022 | Apr 30, 2022 | Jan 31, 2022 | Oct 31, 2021 | Jul 31, 2021 | Apr 30, 2021 | Jan 31, 2021 | Oct 31, 2020 | Jul 31, 2020 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings before tax but after interest (EBT) (ttm) | US$ in thousands | -1,046,800 | -36,600 | 821,400 | 1,004,000 | 996,400 | 4,700 | 84,600 | 88,100 | -9,200 | 929,600 | 763,800 | 779,700 | 843,800 | 776,900 | 1,028,800 | 1,063,500 | 1,171,900 | 1,277,000 | 1,158,000 | 1,133,600 |
| Revenue (ttm) | US$ in thousands | 8,726,100 | 8,788,000 | 8,831,200 | 8,498,600 | 8,178,700 | 8,207,800 | 8,194,900 | 8,461,400 | 8,529,200 | 8,328,200 | 8,169,000 | 8,013,900 | 7,998,900 | 7,885,300 | 7,904,900 | 7,888,900 | 8,002,700 | 8,174,500 | 8,070,100 | 7,993,900 |
| Pretax margin | -12.00% | -0.42% | 9.30% | 11.81% | 12.18% | 0.06% | 1.03% | 1.04% | -0.11% | 11.16% | 9.35% | 9.73% | 10.55% | 9.85% | 13.01% | 13.48% | 14.64% | 15.62% | 14.35% | 14.18% |
April 30, 2025 calculation
Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $-1,046,800K ÷ $8,726,100K
= -12.00%
The pretax margin of JM Smucker Company has exhibited notable fluctuations over the analyzed period from July 2020 through October 2024. Initially, the margin hovered around 14.2% in July 2020, reaching a peak of approximately 15.62% in January 2021. During this period, the company maintained relatively stable profitability before experiencing a decline in the subsequent quarters, with margins decreasing to around 13% by October 2021.
From late 2021 onward, a downward trend becomes evident, with margins falling sharply to approximately 9.85% in January 2022, and further declining to below 10% through April and July 2022. This decline persisted into late 2022, with margins remaining in the vicinity of 9.3% to 9.7%. A temporary recovery is observed in early 2023, with the margin rising to approximately 11.16% in January 2023. However, this improvement was short-lived, as the margin plummeted to negative territory (-0.11%) by April 2023, indicating potential operational or extraordinary expense issues.
Subsequently, the pretax margin experienced slight positive recovery, registering around 1% in July and October 2023, and marginally improving to approximately 0.06% in January 2024. A more significant rebound is detected in April 2024, with the margin climbing to over 12%, before slightly declining to 11.81% in July 2024. By October 2024, the margin decreased again to approximately 9.3%. The negative trend resumes in early 2025, with the margin dropping to approximately -0.42% in January 2025 and further declining to -12% in April 2025.
Overall, the company's pretax margin has demonstrated periods of both stability and volatility, with significant dips indicating periods of diminished profitability or increased expenses, notably in early 2023 and early 2025. The fluctuations suggest cyclical pressures or operational challenges impacting pretax profitability over the analyzed timeframe.