The J.M. Smucker Co. (NYSE:SJM) Q2 2024 Earnings Conference Call December 5, 2023 9:00 AM ET

Company Participants

Aaron Broholm - Vice President of Investor Relations

Tucker Marshall - Chief Financial Officer

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

Conference Call Participants

Andrew Lazar - Barclays

Ken Goldman - JP Morgan

Robert Moskow - TD Cowen

Peter Galbo - Bank of America

Matt Smith - Stifel

Jason English - Goldman Sachs

Rob Dickerson - Jefferies

Operator

Good morning and welcome to The J.M. Smucker Company’s Fiscal 2024 Second Quarter Earnings question-and-answer session. This conference is being recorded. [Operator Instructions]

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

Aaron Broholm

Good morning and thank you for joining our fiscal 2024 second 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 for question.

Question-and-Answer Session

Operator

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

Andrew Lazar

I guess first off, part of, I think, the company's initial 8.5% to 9.5% comparable sales growth target for fiscal '24 I think it was inclusive of what we'd consider sort of true underlying organic growth of 4% with 3 points of volume growth. Pricing came in a bit higher than we thought this quarter and volume perhaps a bit lower. So curious if the 4% is still sort of your expectation and if the contribution from Vim is still the same around 3 points of that.

Tucker Marshall

Andrew, so underpinning our comparable net sales growth of 8.5% to 9% after isolating the co-manufacturing volume and the Jif peanut butter product recall, we are still anticipating 4 points of top line growth. And within that 4 points is 3 points of volume mix and 1 point of price.