The J. M. Smucker Company (NYSE:SJM) Q3 2024 Earnings Conference Call February 27, 2024 7:00 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 2024 third 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 provide a detailed analysis of the financial results and our updated 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 am Eastern Standard Time today for a live question-and¬answer session with management to further discuss our third 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.
In the third quarter, momentum continued across our portfolio, building on the strong start to our fiscal year. We delivered another positive quarter of financial results, including organic sales growth and double-digit earnings growth. Our strong top- and bottom-line increase was led by volume growth, reflecting sustained consumer demand for our iconic brands, and our continued focus on superior execution and disciplined cost management.
In the third quarter, comparable net sales increased 6%, in-line with our expectations, driven by our Pet Foods segment, along with growth for the Away From Home business and the Frozen Handheld and Spreads segment.