The J.M. Smucker Co. (NYSE:SJM) Q1 2024 Results Conference Call August 29, 2023 9:00 AM ET

Company Participants

Aaron Broholm - VP, IR

Mark Smucker - Chair of the Board, President and CEO

Tucker Marshall - CFO

Conference Call Participants

Andrew Lazar - Barclays

Peter Galbo - Bank of America

Ken Goldman - JP Morgan

Matt Smith - Stifel

Pamela Kaufman - Morgan Stanley

Rob Dickerson - Jefferies

Jason English - Goldman Sachs

Max Gumport - BNP Paribas

Steve Powers - Deutsche Bank

Robert Moskow - TD Cowen

Operator

Good morning. And welcome to The J.M. Smucker Company’s Fiscal 2024 First Quarter Earnings Conference Question-and-Answer Session. This conference call is being recorded and all participants are in listen-only mode. Please limit yourselves to two questions and require if you have additional questions.

I’ll now turn the conference over to Aaron Broholm, Vice President of Investor Relations. Please go ahead, sir.

Aaron Broholm

Good morning. And thank you for joining our fiscal 2024 first quarter earnings question-and-answer session.

I hope everyone had a chance to review our results as detailed in this morning’s press release and management’s prepared remarks, which are available on our corporate website at jmsmucker.com. We will also post an audio replay of this call at the conclusion of this morning’s Q&A session.

During today’s call, we may 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, we use non-GAAP results 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.

Participating on this call are Mark Smucker, Chair of the Board, President and Chief Executive Officer; and Tucker Marshall, Chief Financial Officer.

We will now open up the call for questions. Operator, please queue up the first question.

Question-and-Answer Session

Operator

Thank you. [Operator Instructions] Our first question is coming from Andrew Lazar from Barclays.

Andrew Lazar

I guess to start off, Mark, on the last earnings call, I think you mentioned that if we strip out Jif contract manufacturing and divestiture impacts, Company expected about 4% organic sales growth, 3 points of which were expected to be volume on sort of a truly underlying basis for the full year. And I’m curious if this is broadly where you still see it today. And if so, maybe why the Company is not necessarily seeing the same sort of volume weakness the industry seems to be dealing with currently and as other sort of peer companies have discussed?