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The J.M. Smucker Company (NYSE: SJM) is a leading American packaged food company celebrated for its commitment to quality and a diverse portfolio of beloved brands. With a primary revenue stream from the U.S. retail channel, which constitutes 77% of its forecast fiscal 2024 revenue, Smucker’s offers products that families across North America trust and enjoy daily.
The company operates in several key categories:
- Coffee: Retail coffee is now Smucker’s largest category, accounting for 33% of sales. Key brands include Folgers and Dunkin'.
- Pet Foods: Contributing 22% of sales, this segment boasts leading brands like Milk-Bone and Meow Mix.
- Consumer Foods: Approximately 22% of sales come from consumer foods, including popular offerings from brands such as Jif and Smucker’s.
Smucker’s has recently acquired Hostess Brands, adding iconic sweet baked snacks such as Twinkies, Ding Dongs, and more to its product lineup. This acquisition is expected to enhance Smucker’s presence in the snack and convenience store segment.
In efforts to streamline its portfolio, the company divested several pet food brands and private-label products, along with the Sahale Snacks® brand and certain pickle brands to other companies. These strategic moves are intended to focus resources and drive sustainable growth.
Financially, Smucker’s reported strong results for its second quarter of fiscal year 2024, despite a 12% decrease in net sales primarily due to divestitures. The company also announced an increase in comparable net sales by 7%, driven by product innovations and strategic price realizations.
Smucker’s continues to innovate, as seen with the launch of new products like the Hostess® HoneyBun Donettes®, combining beloved flavors to meet consumer demand for unique snacking experiences. The company is also introducing limited-time offerings for seasonal occasions, further cementing its market presence.
The company's forward-looking strategy includes integrating Hostess Brands effectively, leveraging synergies, and continuing to lead in its core categories. Committed to sustainable growth, Smucker’s aims to balance profitability with social responsibility, maintaining high standards for product quality and ethical operation.
The J. M. Smucker Company (NYSE: SJM) has announced pricing terms for its cash tender offers to purchase up to $300 million aggregate purchase price of its senior notes. The company will accept notes using a waterfall methodology, prioritizing them by acceptance levels. SJM will purchase the full amount of 2.750% Senior Notes due 2041 (Level 1), full amount of 3.550% Senior Notes due 2050 (Level 2), and partially accept 2.125% Senior Notes due 2032 (Level 3) with a proration factor of approximately 69.9%. The Total Consideration includes an early tender premium of $30 per $1,000 principal amount. Due to exceeding the Offer Cap at Early Tender Time, no notes tendered after this period will be accepted.
The J. M. Smucker Company (NYSE: SJM) announced early results of its cash tender offers for several series of senior notes. The company received tenders of $122,481,000 for its 2.750% Notes due 2041, $138,766,000 for its 3.550% Notes due 2050, and $194,109,000 for its 2.125% Notes due 2032. The tender offers are to an aggregate purchase price not exceeding $300 million, using a waterfall methodology based on acceptance priority levels.
Holders who validly tendered by the Early Tender Time of December 16, 2024, will receive the Total Consideration, including a $30 per $1,000 principal amount early tender premium. The company does not expect to accept any tenders for the 4.375% Notes due 2045 or 5.900% Notes due 2028. Final pricing will be determined on December 17, 2024.
Hostess® has unveiled a comprehensive brand refresh, featuring a new logo and packaging design. The iconic sweet snacks maker's updated logo maintains its trademark heart while introducing a playful font style, brighter colors, and a cloud-shaped border symbolizing the light, airy quality of their products.
The refreshed packaging includes stylized typography, new product photography, and enhanced product descriptions. Consumer testing showed the new design is preferred 2:1 over the previous presentation, improving perceptions of taste and modernity. The refresh encompasses popular products like Twinkies®, Donettes®, Cupcakes, and Ding Dongs®.
This visual update is part of a broader brand strategy, with a new advertising campaign planned for the upcoming year. The development process involved extensive consumer testing and collaboration with industry partners to ensure the refresh resonates with both new and existing customers while maintaining the brand's core values.
J.M. Smucker (NYSE: SJM) hosted its 2024 Investor Day to showcase its strategic transformation and growth potential. The company highlighted that its core business, representing ~85% of net sales, is delivering strong growth. Key focus areas include the Hostess® brand's growth revival and leveraging world-class marketing, commercial, and manufacturing capabilities.
Management presented strategies for key brands including Café Bustelo® (fastest-growing at-home coffee brand), Uncrustables® (targeting $1 billion in sales), and the iconic Jif® and Smucker's® brands. The company emphasized its commitment to delivering its long-term financial algorithm, including a goal of over $1 billion in annual free cash flow.
The J. M. Smucker Company (NYSE: SJM) has announced cash tender offers for up to $300 million aggregate purchase price of its outstanding senior notes. The offers cover five series of notes with varying interest rates and maturities, ranging from 2.125% to 5.900%. Notes will be accepted based on priority levels, with earlier tendered notes having preference.
Holders who tender by December 16, 2024 (Early Tender Time) will receive the Total Consideration, including a $30 per $1,000 Early Tender Premium. The offers expire on January 2, 2025. Early settlement is expected on December 19, 2024, with final settlement on January 6, 2025. Goldman Sachs and J.P. Morgan are serving as Dealer Managers for the offers.
The J.M. Smucker Co. (NYSE: SJM) has completed the divestiture of its Voortman® business to Second Nature Brands for approximately $305 million in cash. The transaction includes all Voortman® trademarks, a leased manufacturing facility in Burlington, Ontario, and the transition of about 300 employees. Following this, SJM updated its fiscal 2025 net sales guidance, projecting a 7.5 to 8.5 percent increase compared to the prior year, accounting for the removal of approximately $65 million in divested net sales. On a comparable basis, excluding acquisitions and divestitures, net sales are expected to increase 1.0 to 2.0 percent.
J.M. Smucker Co. reported Q2 FY2025 results with net sales of $2.3 billion, up 17% year-over-year. The company posted a net loss per diluted share of $0.23, while adjusted earnings per share increased 7% to $2.76. Cash from operations improved to $404.2 million from $176.9 million last year. Results reflect the Hostess Brands acquisition, divestiture of Canada condiment business, and Sahale Snacks business. Organic net sales grew 2%, driven by strength in Uncrustables®, Meow Mix®, Café Bustelo®, and Jif® brands. The company updated its FY2025 outlook, projecting net sales growth of 8.5-9.5% and adjusted EPS of $9.70-$10.10.
The J.M. Smucker Co. (NYSE: SJM) celebrated the opening of its new 900,000-square-foot Uncrustables® manufacturing facility in McCalla, Alabama. The facility will increase production capacity for the Uncrustables brand, which has grown from a $12 million brand to approximately $800 million in annual net sales last fiscal year. The company aims to reach $1 billion in annual net sales by fiscal year 2026.
This facility joins existing manufacturing locations in Scottsville, Kentucky, and Longmont, Colorado. The McCalla team has established partnerships with local organizations including Best Buddies in Alabama, Community Foodbank of Central Alabama, and United Way of West Alabama.
The J.M. Smucker Co. (NYSE: SJM) has announced two upcoming investor events. The company will release its second quarter fiscal 2025 financial results on November 26, 2024, at 7:00 a.m. EST, followed by a live Q&A session with CEO Mark Smucker and CFO Tucker Marshall at 9:00 a.m. EST. Additionally, SJM will host its 2024 Investor Day on December 10, 2024, at 8:45 a.m. EST in New York City. While in-person attendance is invitation-only, both events will be available via live webcast on the company's investor relations website.
J.M. Smucker (NYSE: SJM) has announced that its Board of Directors has approved a dividend of $1.08 per share on the company's common shares. The dividend will be distributed on December 2, 2024, to shareholders who are on record as of November 15, 2024.
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