Skip to comments.Smucker's Announces $1000 Employee Bonuses, $20M Added to Employee Pensions
Posted on 02/19/2018 6:32:49 PM PST by jazusamo
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:
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, Lowes 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.
About $25 Million more of "Pelosi's crumbs."
How many dogs were poisoned to make that much money? http://people.com/pets/dog-food-recall-euthanasia-drug/
I don’t know if any were intoxicated let alone poisoned.
Too bad they don’t make food for Demoncrats.
The “pot of jam” bonus
Now on to making the bonus tax free!
Support Free Republic, Folks!
It is news like this that can put Dems in a jam...
with a name like Smuckers, is it any good?
Why are people always complaining about the youth in Asia???
Their jam is the best.
Beats the heck out of a subscription to the “Jelly of the Month Club”
10,000 nuns and orphans jam
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.
You’re dead on the mark.
...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.
How about some jam with those crumbs Nancy?
[ Beats the heck out of a subscription to the Jelly of the Month Club ]
That there is the gift that keeps on giving...
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