SJM
The J. M. Smucker Company99.70
-1.98-1.95%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q3 '26
Elliott constructive; SBS hurdles persist
Q&A revealed constructive Elliott talks aligning on ops fixes, portfolio pruning, organic growth, and capital allocation—hinting at repurchases after hitting 3x leverage by FY27 end. Sweet Baked Snacks stabilization dragged by category weakness, elevated bakery costs, and a February plant fire, prompting Hostess trademark amortization starting Q4 ($210M FY outlook) amid 2% long-term growth. Coffee poised for Q4 mid-20s margins via deflation and lapping $75M tariffs; elasticities beat expectations. Pet pleased with Meow Mix and Milk-Bone gains despite Pup softness. SBS probes drew qualitative replies. Confident at $9 EPS midpoint. Watch SBS profitability trajectory.
Key Stats
Market Cap
10.64BP/E (TTM)
-Basic EPS (TTM)
-11.23Dividend Yield
0.04%Recent Filings
8-K
Brase separation finalized
J.M. Smucker finalized a separation agreement with former President and COO John Brase, effective February 26, 2026, following his February 10 departure. It includes $1.185M severance, $612K pro rata incentive, accelerated vesting of select equity awards, and $196K in benefits like medical and outplacement aid—all payable April 17. Terms match the executive severance plan. Leadership transition complete.
8-K
Q3 sales up, EPS down
8-K
Appoints two new directors
J.M. Smucker expanded its board to 11 members, appointing NRG Energy CFO Bruce Chung and consumer exec David Singer effective April 15, 2026; both join the Audit Committee. These additions, following constructive talks with Elliott Investment Management, bring financial and operational expertise. New directors get standard pay and indemnity. Board now 10 strong independents.
10-Q
Q3 FY2026 results
J.M. Smucker posted Q3 net sales of $2.3B, up 7% y/y from $2.2B, driven by coffee pricing while sweet baked goods plunged 19%. Operating loss narrowed to $(548.4)M from $(594.0)M y/y, yet gross margin slipped to 35.4% from 40.2% on input costs and tariffs; diluted EPS held at $(6.79), confirmed vs. 106.7M shares (anti-dilution flagged). Cash fell to $52.8M, but YTD op cash hit $894.4M (+10% y/y) and FCF $672.3M (derived). Sweet Baked Snacks took full $507.5M goodwill and $454.2M Hostess trademark impairments from category woes. Debt sits at $7.3B with $2B revolver available, covenants met. Folgers suits pose sales risk.
8-K
Exec departures, promotions announced
J.M. Smucker eliminated its COO role, with John Brase departing effective February 9, 2026; CEO Mark Smucker re-assumed President duties. Tucker Marshall's salary rose to $745,000 as CFO overseeing Frozen Handheld, Spreads, and sales; Rob Ferguson became Chief Product Supply Officer at $700,000 base, handling supply chain and key segments. Promotions sharpen growth focus. Leadership shakeup streamlines execution.
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