J.M. Smucker
Q1 2023 Earnings Call
Aug 23, 2022, 9:00 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good morning, and welcome to The J. M. Smucker Company's fiscal 2023 first quarter earnings question-and-answer session. [Operator instructions] I will now turn the conference call over to Aaron Broholm, vice president, investor relations.
Please go ahead, sir.
Aaron Broholm -- Vice President, Investor Relations
Thank you, Kevin. Good morning, and thank you for joining our fiscal 2023 first quarter earnings question-and-answer session. I hope everyone has 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.
Questions & Answers:
Operator
[Operator instructions] Our first question today comes from Andrew Lazar from Barclays. Your line is now live.
Andrew Lazar -- Barclays -- Analyst
Great. Good morning. Thank you for the question.
Mark Smucker -- President and Chief Executive Officer
Good morning, Andrew.
Tucker Marshall -- Chief Financial Officer
Good morning.
Andrew Lazar -- Barclays -- Analyst
You mentioned -- good morning. You mentioned some favorability in the commodity side for the full year versus expectations when you provided guidance last quarter. You know, the fact that you were able to raise the low end of your full year gross margin guidance as a result, you know, suggests that some of the benefit is expected to flow through, you know, maybe in contrast to what is kind of a prevailing concern among investors in the overall food space, you know, that margin recovery will essentially be promoted away, you know, under pressure from customers and others. So, I was hoping you could talk a little bit about your view on your margin progression as costs roll over, and if you still expect about a 15% benefit from price for the full year.