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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 Co. (NYSE: SJM) announced the launch of new Smucker's Uncrustables Meat and Cheese Bites, designed for easy lunch preparation. These frozen bites come in Uncured Ham and Cheddar and Turkey & Colby Jack varieties, ideal for busy parents. Available nationally starting early October 2022, the company is focused on innovation and production capacity to meet rising demand. The brand aims for $1 billion in annual sales over the next five years, following recent expansions at its Longmont, Colorado facility and the upcoming construction of a new facility in McCalla, Alabama.
The J.M. Smucker Co. (NYSE: SJM) has announced the establishment of a Transformation Office to enhance ongoing margin improvement and productivity initiatives. This office will be led by Amy Held, the new Chief Transformation Officer, who previously served as Chief Strategy and International Officer. The company aims to address external challenges while maintaining long-term growth potential, with further details to be shared at an upcoming Investor Day on December 14, 2022.
The J.M. Smucker Co. (NYSE: SJM) released its 2022 Corporate Impact Report on Sept. 9, 2022, emphasizing its commitment to responsible business practices through its Thriving Together agenda. This agenda focuses on five pillars: food quality access, education access, equitable treatment, community resource connections, and environmental health. Key achievements include delivering over 23 million meals, donating $1.2 million to charity, and supporting conservation efforts. The report highlights the company's responsibility and ongoing commitment to stakeholders and communities.
The J.M. Smucker Co. (NYSE: SJM) has appointed Gagnesh Gupta as Senior Vice President of Commodities and Procurement, effective September 8, 2022. Gupta brings over 20 years of experience from Fortune 100 companies, focusing on supply chain strategy and global sourcing. He will replace Dan Nowicki, who is retiring after over 20 years with the company. Chief Operating Officer John Brase expressed confidence in Gupta's leadership to maintain the high performance of the procurement teams.
The J.M. Smucker Co. (SJM) reported first-quarter results for FY2023, indicating a 1% increase in net sales to $1.87 billion, despite a 9% adverse impact from the Jif® peanut butter recall. Net income per diluted share decreased by 27% to $1.03, while adjusted earnings per share fell 12% to $1.67. Free cash flow was $(127.3) million, a significant drop from $69.8 million a year earlier. The company raised its full-year guidance for net sales and adjusted EPS, projecting a 4-5% increase in net sales and adjusted EPS of $8.20-$8.60, reflecting strong brand demand amid ongoing cost pressures.
The J.M. Smucker Co. (SJM) will release its first quarter fiscal 2023 financial results on August 23, 2022, at 7:00 a.m. Eastern Time. The report will include financial statements and supplemental materials. A live Q&A session with President Mark Smucker and CFO Tucker Marshall is scheduled for 9:00 a.m. Eastern Time on the same day. Additionally, the company will participate in the 2022 Barclays Global Consumer Staples Conference on September 6, 2022, at 2:15 p.m. Eastern Time. Webcasts for both events will be accessible on the company’s investor website.
The J.M. Smucker Co. (NYSE: SJM) announced a 3% increase in its quarterly dividend from $0.99 to $1.02 per common share, marking the 21st consecutive year of dividend growth. The dividend will be paid on September 1, 2022, to shareholders on record by August 12, 2022. This action underscores the company's commitment to returning value to shareholders.
The J.M. Smucker Co. (NYSE: SJM) announced on June 23, 2022, that Mark Smucker will become the Chair of the Board effective August 17, 2022, succeeding Richard Smucker, who will retire after 50 years with the company. Tim Smucker will transition to a non-voting Chairman Emeritus role on the same date. Mark Smucker expressed gratitude for the leadership provided by his father and uncle and looks forward to enhancing collaboration with the Board to drive the company's vision and growth.
The J.M. Smucker Co. (SJM) reported a strong fourth quarter of fiscal 2022, with net sales increasing by $113.6 million or 6% to $2.03 billion. Adjusted earnings per share grew by 18% to $2.23, although annual adjusted EPS fell 3% to $8.88. The company anticipates a 3.5% to 4.5% rise in net sales for fiscal 2023 but expects a $0.90 hit to EPS due to a recent Jif® peanut butter recall. Cash from operations rose to $393.7 million, reflecting a robust operational performance despite ongoing inflation and supply chain challenges.
The J.M. Smucker Co. (NYSE: SJM) is set to release its fourth quarter fiscal 2022 financial results on June 7, 2022, at 7:00 a.m. ET. This will include detailed financial statements and supplemental materials. A live Q&A session with President and CEO Mark Smucker and CFO Tucker Marshall will follow at 9:00 a.m. ET. Investors can access the webcast and related content on the company's investor website.
Smucker's diverse product portfolio caters to a wide range of consumers, aiming for continued growth and societal impact.
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