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What were the key takeaways from The J. M. Smucker’s earnings call?

- **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

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

SJM

SJM fundamentals

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