The J. M. Smucker Company (SJM) Q4 2023 Earnings Call Transcript

The J. M. Smucker Company (NYSE:SJM) Q4 2023 Earnings Conference Call June 6, 2023 8:00 AM ET

Company Participants

Aaron Broholm - Vice President, Investor Relations

Mark Smucker - Chair of the Board, President and Chief Executive Officer

Tucker Marshall - Chief Financial Officer

Aaron Broholm

Good morning. This is Aaron Broholm, Vice President, Investor Relations for The J.M. Smucker Company. Thank you for listening to our prepared remarks on our fiscal 2023 fourth quarter earnings. After this brief introduction, Mark Smucker, Chair of the Board, President and Chief Executive Officer, will give an overview of the quarter’s results and an update on strategic initiatives. Tucker Marshall, Chief Financial Officer, will then provide a detailed analysis of the financial results and our fiscal 2024 outlook. Later this morning, we will hold a separate, live question-and-answer webcast.

During today’s discussion, we will make forward-looking statements that reflect our current expectations about future plans and performance. These statements rely on assumptions and estimates, and actual results may differ materially due to risks and uncertainties. Additionally, please note we will refer to non-GAAP financial measures management uses to evaluate performance internally. I encourage you to read the full disclosure concerning forward-looking statements and details on our non-GAAP measures in this morning’s press release.

Today’s press release, a supplementary slide deck summarizing the quarterly results, management’s prepared remarks, and the Q&A webcast can all be accessed on our Investor Relations website at jmsmucker.com.

We invite all interested parties to join us at 9:00 a.m. Eastern Time today for a live question-and-answer session with management to further discuss our fourth quarter results and outlook for the full 2024 fiscal year.

Please contact me if you have additional questions after today’s question-and-answer session. I will now turn the discussion over to Mark Smucker.

Mark Smucker

Thank you, Aaron, and good morning, everyone. Fiscal 2023 was a strong year for our Company amid a dynamic macro environment. Our performance exceeded our expectations and reflects progress against our strategy, improved execution capabilities, the resilience of our categories, and our consumers’ sustained demand for our portfolio of leading brands. We successfully navigated industry-wide challenges including inflation, labor shortages, supply chain disruptions, and increased competitive activity. Our dedicated employees continued to manage through these circumstances with agility and relentless focus on delivering results.

I’ll first summarize our fourth quarter results, and then provide some highlights on our full-year performance. I'll also share why we are confident in delivering strong sales and earnings growth in fiscal year 2024, while investing to strengthen our brands and expand key platforms that position us for long-term growth. Tucker will then provide additional detail on our fourth quarter results and fiscal year 2024 outlook.