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- **Sweet Baked Snacks Turnaround**: SKU rationalization and core brand focus drive sequential improvement, with $30M annual cost savings from Indianapolis closure.
- **Coffee Tariff Relief**: FY27 off-tariff environment to add $0.50 EPS, offsetting FY26 $75M cost impact.
- **Uncrustables Momentum**: $1B+ brand on track, 7% Q2 growth, innovation-driven Q3-Q4 acceleration.
- **Pet Treats Recovery**: Milk-Bone growth resumes with new products, Meow Mix maintains strength.
- **Balance Sheet Strength**: $975M free cash flow, 3x leverage target by FY27.

**【Sweet Baked Snacks Performance】**
- Organic sales growth driven by SKU rationalization (25% SKU reduction), with core brands (Donuts, Donettes, Cupcakes) leading the recovery.
- Sequential improvement in c-store volume shares and successful relaunch of Suzy Q's.
- Indianapolis facility closure by Q4 FY26, expected to reduce costs by $30M annually.

**【Coffee Tariff Impact】**
- FY26: $75M tariff-related costs absorbed, impacting Q3 EPS by $0.50.
- FY27: Off-tariff environment expected to provide $0.50 EPS tailwind.
- Elasticity improved to 0.3 vs. 0.5 at FY26 start, supporting 16% coffee sales growth (22% pricing, -6% volume/mix).

**【Uncrustables Growth】**
- On track for $1B+ brand by FY26 end, with 7% Q2 growth and 2 new protein innovations.
- 80% U.S. retail sales, 20% Away From Home (e.g., convenience channel expansion).
- Q3-Q4 low double-digit growth expected, lapping strong Q2 FY25 merchandising.

**【Pet Treats Recovery】**
- Milk-Bone to return to growth in Q3, driven by 'More Dog' campaign and peanut buttery bites innovation.
- Meow Mix expected to continue strong performance.

**【Financial Discipline】**
- FY26: $975M free cash flow, $500M debt paydown, targeting 3x leverage by FY27.
- Marketing spend 5.5% of net sales, disciplined SG&A reduction.


The J. M. Smucker Company (SJM) Q2 2026 Earnings Call Transcript

- **Revenue Growth**: 15% YoY for Uncrustables brand, 3-5% full-year net sales growth
- **AI-Driven Innovation**: $100M R&D investment in 2026
- **Sustainability Focus**: 100% renewable energy by 2030
- **Global Expansion**: 10%+ Away-from-Home business growth
- **Profitability Targets**: 35% gross margin and 20% operating income growth

**【Management Opening Remarks】**
- The company reported strong first-quarter results, with revenue growth driven by consumer-led innovation and disciplined cost management.
- Emphasis on accelerating organic growth through AI-driven innovation and strategic investments in key brands.

**【CEO Commentary】**
- **Uncrustables Brand Momentum**: Net sales increased 15% YoY, with limited-edition SKUs and e-commerce growth.
- **Coffee Category Resilience**: Despite inflationary pressures, the company maintained 70%+ market share in at-home consumption.
- **Away-from-Home Growth**: 14% net sales growth and 35% gross profit margin expansion.
- **Capital Allocation Strategy**: $100M R&D investment and $500M debt reduction target by 2027.

**【CFO Financial Highlights】**
- **Net Sales Guidance**: 3-5% growth (GAAP) and 5.5% comparable net sales expansion.
- **Cost Optimization**: $100M free cash flow and $325M capital expenditures.
- **Debt Reduction**: $500M target by 2027 (4.3x leverage ratio).

The J. M. Smucker Company (SJM) Q1 2026 Pre-Recorded Earnings Call Transcript

- **Core Growth Drivers**: Uncrustables ($920M in FY25, +125M YoY) and Café Bustelo ($400M in FY25, +19% YoY) lead organic expansion.
- **Challenges**: Sweet Baked Snacks segment faces 14% Q4 decline, with updated 3% long-term growth target.
- **2026 Outlook**: 3.5% net sales growth (midpoint), $8.50-$9.50 EPS, $875M free cash flow, and 3x leverage target by FY27.
- **Risk Factors**: Coffee cost inflation (+$135M headwind), consumer discretionary spending decline, and tariff impacts (-50bps margin).

**【CEO Business Update】**
- **Full Year Growth**: Fiscal 2025 net sales grew 2%, driven by strong performance in key platforms like Uncrustables (+125M in FY25) and Café Bustelo (+19% YoY). 
- **Innovation Success**: Over $100M in first-year net sales from new products, including Jif peanut butter spread and Uncrustables limited-edition flavors.
- **Segment Performance**:
  - **Uncrustables**: On track for $1B+ in FY26, with 11th straight year of double-digit growth.
  - **Café Bustelo**: Gained share in all coffee segments, with 19% net sales growth.
  - **Pet Foods**: Expanded margins by 500bps through portfolio optimization.
  - **Sweet Baked Snacks**: Underperforming segment with updated 3% long-term growth target, driven by consumer discretionary spending decline.
- **2026 Strategy**: Focus on 3 priorities - accelerating growth in key platforms, embedding cost transformation, and reinventing brand relevance.

**【CFO Financial Review】**
- **Q4 Results**: Adjusted EPS of $2.31 (-13% YoY), impacted by higher coffee costs and Sweet Baked Snacks underperformance.
- **Impairment Charges**: $867M goodwill impairment for Sweet Baked Snacks, reflecting revised 3% growth outlook.
- **2026 Guidance**:
  - Net Sales: 2-4% growth (midpoint +3.5%), driven by price increases in Coffee (+$135M) and Uncrustables (+$10M).
  - Adjusted EPS: $8.50-$9.50, reflecting $0.80 headwind from coffee price elasticity and $0.30 from marketing investments.
  - Free Cash Flow: $875M, targeting $1B+ annually by FY27.
  - Debt Paydown: $500M annually, reducing leverage to <3x by FY27.

**【Key Financial Metrics】**
- FY25 Free Cash Flow: $817M (+$174M YoY)
- Dividend Growth: 23rd consecutive year of dividend increases
- Capital Expenditure: 4.5% of net sales (target 3.5%)


The J. M. Smucker Company (SJM) Q4 2025 Prerecorded Earnings Call Transcript

- **Hostess Impairment**: $1 billion charge reflects FY25 underperformance, but 4% long-term growth target remains.
- **Coffee Strength**: Q3 margin 28%, with FY26 inflation headwind of $0.15 EPS.
- **Pet Food Recovery**: Q3 growth 3.5%, supply chain issues resolved.
- **FY26 Outlook**: Potential above-algorithm EPS if coffee costs moderate.

**【Q&A Key Highlights】**

**1. Comparable Sales and Hostess Impairment**
- Q3 comparable sales declined 1.3%, with a need for 1.2% Q4 growth to meet revised FY25 sales target of $7.25 billion.
- Hostess brand underperformance led to a $1 billion impairment charge ($800M goodwill, $200M asset), reflecting $60M FY25 guidance reduction.
- Management remains confident in 4% long-term growth for Sweet Baked Snacks, focusing on stabilization through 5 strategic pillars and leadership changes.

**2. Coffee Business Performance**
- Q3 coffee segment profit margin reached 28%, exceeding expectations due to favorable price elasticity and cost management.
- FY26 green coffee inflation (~$0.30/lb) expected to create a $0.15 EPS headwind, with potential pricing actions in H1 FY26.
- Coffee remains affordable vs. alternatives, with strong at-home consumption trends.

**3. Fiscal 2026 Outlook**
- FY26 adjusted EPS could be "above algorithm" if green coffee inflation moderates, but FY26 planning is early-stage.
- Stranded overhead reductions in pet food and $100M synergy target (FY26: $30M incremental) support margin expansion.

**4. Pet Food Segment**
- Q3 U.S. retail pet food growth of 3.5% (excl. contract manufacturing), with supply chain disruptions resolved.
- Frozen handhelds and spreads investments (~$0.35 FY25 headwind) expected to stabilize in FY26.

**5. M&A and Hostess Strategy**
- Hostess acquisition process reviewed; $200M impairment reflects FY25 underperformance, but long-term confidence in brand.
- Proven commercial playbook and leadership changes aim to accelerate recovery in sweet snacking category.


The J. M. Smucker Company (SJM)-27 Feb 25-2025 Q3 Earnings call transcript

The J. M. Smucker Company (SJM)-26 Nov 24-2025 Q2 Earnings call transcript

The J. M. Smucker Company (SJM)-28 Aug 24-2025 Q1 Earnings call transcript

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