Monday's HOT MIC
Some workers at J.M. Smucker Co. are the latest to reap the benefits of bonuses stemming from federal tax cuts, as the Orrville-based food giant announced payouts Friday morning, Feb. 16, as part of its third-quarter earnings report.
The company said that "with the benefit resulting from U.S. income tax reform," it's giving a one-time bonus of $1,000 to nearly 5,000 employees. Smucker also announced it will make an additional $20 million contribution to its employee pension plan and will increase its charitable contributions by $1 million as a result of lower tax rates bolstering its earnings significantly.
Smucker also raised its full-year guidance; the company said it expects an adjusted profit of $8.20 to $8.30 a share for its upcoming fiscal year, up from its previous guidance of $7.75 to $7.90 a share.
Smucker's is in my backyard, so I'm elated to see my friends and neighbors benefitting from the GOP tax cut.