Financial Data and Key Metrics Changes - The company reported adjusted earnings per share (EPS) guidance for fiscal year 2026 at the midpoint of $9, which reflects a decline year-over-year when excluding impacts from coffee inflation and tariffs [10][32] - The adjusted EPS was impacted by $0.80 from green coffee inflation and $0.25 from tariffs, indicating a cautious outlook for the upcoming fiscal year [10][32] Business Line Data and Key Metrics Changes - The Sweet Baked Snacks segment is expected to see a decline in segment profit on a comparable basis, contributing an additional $0.20 impact to the adjusted EPS [11] - The company is focusing on core brands like Donuts and Cupcakes for growth, emphasizing the need for innovation and marketing investments in these areas [20][22] Market Data and Key Metrics Changes - The coffee segment is experiencing a net pricing increase of around 20% for fiscal year 2026, with a negative volume impact of approximately 10% due to price elasticity of demand [14][37] - The away-from-home coffee business is expected to see high single-digit pricing increases, indicating a strong focus on recovering costs in this segment [29] Company Strategy and Development Direction - The company is committed to investing in key growth platforms, particularly around brands like Cafe Bustelo and Uncrustables, to support long-term growth [10][102] - A strategic focus on optimizing the portfolio and enhancing brand building efforts is emphasized, particularly in the Sweet Baked Snacks and coffee segments [22][102] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the importance of ongoing marketing investments to support growth platforms and indicated a cautious approach to guidance due to external factors impacting profitability [11][62] - The company remains optimistic about stabilizing the Hostess brand and believes that focusing on core products will drive future growth [25][80] Other Important Information - The company reported free cash flow of $817 million for fiscal year 2025, which was below expectations due to higher inventory balances and green coffee inflation [99] - Fiscal year 2026 free cash flow guidance is set at $875 million, with expectations of improved management of working capital and lower capital expenditures [99] Q&A Session Summary Question: Impact of higher green coffee costs on EPS growth - Management confirmed that higher green coffee costs and tariffs have significantly impacted the EPS outlook, leading to a more subdued forecast for fiscal year 2026 [10][32] Question: Details on SKU and display rationalizations for Hostess - Management indicated a focus on core brands like Donuts and Cupcakes, emphasizing the need for clarity and optimization in the product portfolio [20][22] Question: Pricing strategy for the coffee segment - The company is implementing pricing across the entire coffee portfolio, with a significant focus on recovering costs associated with green coffee inflation and tariffs [37] Question: Long-term growth outlook for Hostess - The long-term growth rate for the Sweet Baked Snacks portfolio has been revised from 4% to 3%, reflecting a more cautious outlook based on category performance [32] Question: Free cash flow guidance and debt management - Management outlined that the anticipated free cash flow for fiscal year 2026 will be used for debt paydown and dividend payments, with a combination of generated cash and excess cash from the balance sheet [99]

纳指小幅高开 腾讯音乐涨超4% 智通财经6月10日电，美股三大指数开盘涨跌互现，道指跌0.04%，纳指涨0.15%，标普500指数涨 0.11%。腾讯音乐涨超4%，公司拟议收购喜马拉雅控股。台积电涨超2%，5月营收同比增长39.6%。食 品巨头斯马克跌超6%，Q4营收不及预期。 ...

Core Insights - Smucker (SJM.US) reported a 3% year-over-year decline in Q4 sales to $2.1 billion, falling short of expectations [1] - Non-GAAP EPS was $2.31, exceeding market expectations, compared to $2.66 in the same period last year [1] - Adjusted gross profit decreased by 9% year-over-year [1] Sales Performance - Same-store sales fell by 1%, reflecting a 3% decline in volume/mix, driven by decreased sales in pet snacks, dessert baking products, and fruit spreads, partially offset by increased sales of Uncrustables sandwiches [1] - The U.S. retail coffee business saw an 11% sales increase, while the U.S. retail pet food business experienced a 13% sales decline [1][2] Acquisition Impact - Sales were negatively impacted by the acquisition of Hostess in November 2023, as the company faced poor performance due to reduced consumer spending [1] - CEO Mark Smucker indicated plans to offset rising raw material costs through price increases [1] Pricing and Future Outlook - Same-store sales reflected a 3% increase in net pricing, primarily due to higher coffee prices, while net prices for dessert baking products and pet snacks declined [2] - The company provided a lower-than-expected earnings guidance for the next fiscal year, projecting adjusted EPS between $8.50 and $9.50, with a midpoint of $9.00, compared to the average expectation of $10.25 [2] - Following the earnings announcement, the company's stock price fell approximately 8% in pre-market trading [2]

Financial Data and Key Metrics Changes - The company reported a total net sales decline of 3% in the fourth quarter, with comparable net sales decreasing by 1% when excluding divestitures and foreign currency impacts [35][36] - Adjusted earnings per share for the fourth quarter was $2.31, a decrease of 13% compared to the prior year [38] - Free cash flow for the fourth quarter was $299 million, slightly up from $298 million in the prior year, with full-year free cash flow reaching $817 million, an increase of $174 million [43][44] Business Line Data and Key Metrics Changes - The Uncrustables brand achieved over $920 million in net sales, growing by more than $125 million, driven by advertising and distribution gains [8][9] - The Cafe Bustelo brand grew net sales by 19% to approximately $400 million, gaining share in all segments it competes in [10] - The Sweet Baked Snacks segment saw a significant decline in net sales, decreasing by 26% in the fourth quarter, with a 72% drop in segment profit [41][42] Market Data and Key Metrics Changes - In the US retail coffee segment, net sales increased by 11%, with net price realization contributing a 10 percentage point increase [38] - The pet foods segment experienced a 13% decline in net sales, primarily due to unexpected retailer inventory headwinds [21][40] - International and away from home net sales grew by 4%, driven by strong performance in the away from home business [24][42] Company Strategy and Development Direction - The company aims to stabilize and refocus the Sweet Baked Snacks segment for sustainable growth, with a long-term net sales growth expectation of 3% [13][35] - Strategic priorities for fiscal year 2026 include accelerating organic growth, embedding transformation in operations, and maintaining a disciplined financial approach [26][27] - The company anticipates that key platforms, including Uncrustables and Cafe Bustelo, will deliver over 80% of its growth over the next five years [18][25] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the dynamic operating environment, including inflationary pressures and evolving consumer behavior, which necessitated cautious guidance for fiscal year 2026 [27][46] - The company expects full-year net sales to increase by 2% to 4%, with comparable net sales anticipated to grow approximately 4.5% at the midpoint of the guidance range [28][46] - Management expressed confidence in the company's strategy and its ability to deliver long-term growth despite external challenges [31][51] Other Important Information - The company recognized significant impairment charges totaling $980 million related to the Sweet Baked Snacks segment and the Hostess brand [34] - Capital expenditures for the year were $394 million, representing 4.5% of net sales, with a target of approximately 3.5% for long-term strategic goals [44][45] - The company returned approximately $455 million to shareholders through dividends, marking 23 consecutive years of dividend growth [44] Q&A Session Summary Question: What are the expectations for the Sweet Baked Snacks segment? - Management anticipates low single-digit declines in comparable net sales for the Sweet Baked Snacks segment as they work to stabilize the Hostess brand [47] Question: How is the company addressing inflationary pressures? - The company plans to implement price increases to recover higher costs, particularly in the coffee segment and for Uncrustables sandwiches [19][49] Question: What is the outlook for free cash flow? - The company projects free cash flow of approximately $875 million at the midpoint of adjusted earnings per share guidance [50]

Financial Data and Key Metrics Changes - The company reported a total net sales decline of 3% in the fourth quarter, with comparable net sales decreasing by 1% when excluding divestitures and foreign currency impacts [33][34] - Adjusted earnings per share for the fourth quarter was $2.31, a decrease of 13% compared to the prior year [36] - Free cash flow for the fourth quarter was $299 million, slightly up from $298 million in the prior year, with full-year free cash flow reaching $817 million, an increase of $174 million [42][43] Business Line Data and Key Metrics Changes - The Uncrustables brand achieved approximately $920 million in net sales, growing over $125 million in fiscal year 2025, driven by advertising and distribution gains [7][8] - The Cafe Bustelo brand grew net sales by 19% in the US retail coffee portfolio, ending fiscal year 2025 with approximately $400 million in net sales [9] - The Sweet Baked Snacks segment saw a significant decline in net sales, decreasing by 26% versus the prior year, with a 72% drop in segment profit [40][41] Market Data and Key Metrics Changes - In the US retail coffee segment, net sales increased by 11%, primarily due to higher net pricing for Folgers and Cafe Bustelo [36] - The US retail pet foods segment experienced a 13% decline in net sales, attributed to unexpected retailer inventory headwinds [20][38] - International and away-from-home net sales grew by 4%, driven by strong performance in the away-from-home business [22][41] Company Strategy and Development Direction - The company aims to stabilize and refocus the Sweet Baked Snacks segment for sustainable growth, with a long-term net sales growth expectation of 3% [12][33] - Strategic priorities for fiscal year 2026 include accelerating organic growth by investing in key platforms and embedding transformation in everyday operations [25][26] - The company anticipates that key platforms, including Uncrustables and Cafe Bustelo, will deliver over 80% of the company's growth over the next five years [16][17] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the dynamic operating environment, including inflationary pressures and evolving consumer behavior, which necessitates cautious guidance for fiscal year 2026 [26][45] - The company expects full-year net sales to increase by 2% to 4%, with comparable net sales anticipated to grow approximately 4.5% at the midpoint of the guidance range [27][45] - Management expressed confidence in the company's strategy and ability to navigate challenges while focusing on long-term growth and shareholder value [30][51] Other Important Information - The company recognized significant impairment charges totaling $980 million related to the Sweet Baked Snacks segment and Hostess brand [32] - Capital expenditures for the year were $394 million, representing 4.5% of net sales, with a target of approximately 3.5% of net sales in the long term [43][44] - The company plans to prioritize debt reduction, aiming to pay down approximately $500 million of debt annually over the next two years [44] Q&A Session Summary Question: What are the expectations for the Sweet Baked Snacks segment? - Management anticipates low single-digit declines in comparable net sales for the Sweet Baked Snacks segment as they work to stabilize the Hostess brand [46] Question: How is the company addressing inflationary pressures? - The company is implementing price increases to recover costs associated with rising green coffee prices and other inflationary pressures [18][49] Question: What is the outlook for free cash flow? - The company projects free cash flow of approximately $875 million at the midpoint of adjusted earnings per share guidance [50]

Financial Performance - Net sales for Q4 2025 were $2.1 billion, a decrease of $61.9 million, or 3% compared to Q4 2024[4] - For the fiscal year 2025, net sales were $8.7 billion, an increase of 7%, while net sales excluding acquisitions and divestitures were flat[4] - Adjusted earnings per share for Q4 2025 were $2.31, a decrease of 13% from $2.66 in Q4 2024[4] - The company reported a net loss per diluted share of $6.85 for Q4 2025, compared to a profit of $2.30 in Q4 2024[5] - Total net sales for the year ended April 30, 2025, increased to $8,726.1 million, up from $8,178.7 million in 2024, representing a growth of 6.7%[31] - The company reported a net loss of $729.0 million for the three months ended April 30, 2025, compared to a net income of $245.1 million in the same period of 2024[30] - The company reported a net loss of $729.0 million for the three months ended April 30, 2025, compared to a net income of $245.1 million in the same period of 2024[43] Cash Flow and Dividends - Free cash flow for the fiscal year 2025 was $816.6 million, with Q4 free cash flow at $298.9 million[4] - The company expects free cash flow of approximately $875.0 million for fiscal year 2026[13] - The company declared dividends of $1.08 per common share for the three months ended April 30, 2025, a 2% increase from $1.06 in the same period of 2024[25] - The company reported a net cash provided by operating activities of $393.9 million for the three months ended April 30, 2025, compared to $428.1 million in 2024[30] - The company expects net cash provided by operating activities for the year ending April 30, 2026, to be $1,200.0 million[51] Segment Performance - U.S. Retail Coffee segment net sales increased by 11% to $738.6 million, driven by higher net pricing[14] - U.S. Retail Pet Foods segment net sales decreased by 13% to $395.5 million, primarily due to lower contract manufacturing sales[16] - Sweet Baked Snacks segment net sales decreased by 26% to $251.0 million, reflecting a significant decline in volume/mix[18] - U.S. Retail Coffee segment reported net sales of $738.6 million for the three months ended April 30, 2025, compared to $666.1 million in 2024, reflecting a growth of 10.8%[35] - The U.S. Retail Pet Foods segment saw a decline in net sales to $395.5 million for the three months ended April 30, 2025, down from $452.6 million in 2024, a decrease of 12.6%[35] Impairment and Expenses - Goodwill impairment charges amounted to $867.3 million for the three months ended April 30, 2025, with total impairment charges for the year reaching $1,661.6 million[25] - The company incurred goodwill impairment charges of $867.3 million for the three months ended April 30, 2025[43] - Selling, distribution, and administrative expenses for the three months ended April 30, 2025, were $380.6 million, accounting for 17.8% of net sales, compared to 19.3% in 2024[31] - Interest expense for the year ended April 30, 2025, increased by 47% to $388.7 million from $264.3 million in 2024[25] Profitability Metrics - Gross profit for the year ended April 30, 2025, was $3,384.7 million, reflecting a 9% increase from $3,115.4 million in 2024[25] - The gross margin for the year ended April 30, 2025, was 38.8%, compared to 38.1% in 2024[25] - Gross profit for the three months ended April 30, 2025, was $823.3 million, down from $913.3 million in 2024, representing a gross margin of 37.5%[43] - Adjusted operating income for the year ended April 30, 2025, was $1,824.7 million, which is 20.9% of net sales, compared to $1,636.2 million or 20.0% in 2024[43] - EBITDA (as adjusted) for the year ended April 30, 2025, was $2,137.0 million, representing 24.5% of net sales, compared to $1,704.4 million or 20.8% in 2024[47] Future Outlook - The fiscal year 2026 outlook projects net sales growth of 2.0% to 4.0% and adjusted earnings per share between $8.50 and $9.50[12] - Adjusted earnings per share for the year ending April 30, 2026, are projected to be between $8.50 and $9.50[49]

Financial Performance - Net sales decreased by 3% to $2,143.8 million in FY25 Q4[5] - Comparable net sales decreased by 1%[2] - Adjusted earnings per share decreased by 13% to $2.31[2, 5] - Free cash flow increased slightly to $298.9 million from $297.5 million in the prior year[2] Segment Results - U S Retail Coffee net sales increased by 11% to $738.6 million[14] - U S Retail Pet Foods net sales decreased by 13% to $395.5 million[14] - Sweet Baked Snacks net sales decreased by 26% to $251.0 million[14] Fiscal Year 2026 Outlook - The company projects a net sales increase of 2.0% to 4.0% for fiscal year 2026[16] - Adjusted EPS is projected to be between $8.50 and $9.50[16] - Free cash flow is expected to be $875.0 million[16] Additional Information - Total company net sales for fiscal year 2025 were $8.7 billion[24]

Core Insights - The J.M. Smucker Co. reported a decrease in net sales for the fourth quarter of fiscal year 2025, totaling $2.1 billion, a decline of 3% compared to the previous year [4][10] - The company experienced significant operating losses due to noncash impairment charges totaling $980 million, impacting overall financial performance [7][10] - The company remains optimistic about fiscal year 2026, projecting net sales growth of 2% to 4% and adjusted earnings per share between $8.50 and $9.50 [13][15] Financial Performance - Net sales for the fourth quarter were $2,143.8 million, down from $2,205.7 million in the prior year, reflecting a 3% decrease [4][10] - Adjusted earnings per share for the quarter were $2.31, a decrease of 13% from $2.66 in the previous year [10] - The company reported a net loss per diluted share of $6.85 for the quarter, compared to a profit of $2.30 in the prior year [10][32] Segment Performance - U.S. Retail Coffee segment saw an increase in net sales by 11%, totaling $738.6 million, driven by higher net pricing [16][38] - U.S. Retail Pet Foods segment experienced a 13% decline in net sales, totaling $395.5 million, primarily due to decreased volume and lower net price realization [21][38] - Sweet Baked Snacks segment reported a significant decline in net sales of 26%, totaling $251.0 million, attributed to lower volume and pricing [23][38] Cash Flow and Debt Management - Cash provided by operations for the quarter was $393.9 million, down from $428.1 million in the prior year [12][10] - Free cash flow for the quarter was $298.9 million, slightly up from $297.5 million in the previous year [12][10] - The company returned $114.5 million to shareholders through dividends in the quarter [10][12] Future Outlook - The company anticipates net sales growth of 2% to 4% for fiscal year 2026, with adjusted earnings per share projected between $8.50 and $9.50 [13][15] - The guidance reflects expectations of higher net price realization, despite anticipated declines in volume/mix [14][15] - The adjusted effective income tax rate is expected to be around 23.7% for the upcoming fiscal year [13][15]

Group 1 - The J. M. Smucker Company is set to release its fourth-quarter earnings results on June 10, with expected earnings of $2.25 per share, a decrease from $2.66 per share in the same period last year [1] - The company is projected to report quarterly revenue of $2.19 billion, slightly down from $2.21 billion a year earlier [1] - John Brase has been appointed as President and COO of J. M. Smucker as of April 30 [1] Group 2 - J. M. Smucker shares increased by 0.5%, trading at $111.45 on the previous Monday [2] - Analysts have provided various ratings for the company, with Morgan Stanley maintaining an Overweight rating and raising the price target from $123 to $124 [7] - Stifel has a Hold rating with a reduced price target from $125 to $120, while TD Cowen downgraded the stock from Buy to Hold and cut the price target from $130 to $121 [7]

分组1 - The Zacks Style Scores are indicators that help investors select stocks with the best chances of outperforming the market over the next 30 days, rated from A to F based on value, growth, and momentum qualities [2][10] - The Value Score focuses on identifying undervalued stocks using ratios like P/E, PEG, and Price/Sales to find attractive investment opportunities [3] - The Growth Score assesses a company's financial strength and future outlook by analyzing projected and historical earnings, sales, and cash flow [4] 分组2 - The Momentum Score is designed for traders who capitalize on price trends, utilizing factors like one-week price change and monthly earnings estimate changes to identify high-momentum stocks [5] - The VGM Score combines the Value, Growth, and Momentum Scores to identify companies with the most attractive overall characteristics [6] - The Zacks Rank is a proprietary stock-rating model that uses earnings estimate revisions to guide investors in building successful portfolios, with 1 (Strong Buy) stocks achieving an average annual return of +25.41% since 1988 [7][8] 分组3 - J.M. Smucker Company (SJM) is a leading marketer and manufacturer of consumer food and beverage products, holding a 3 (Hold) Zacks Rank and a VGM Score of B [12] - SJM has a Value Style Score of B, supported by a forward P/E ratio of 10.77, indicating attractive valuation metrics [13] - Recent earnings estimates for SJM have been revised higher, with the Zacks Consensus Estimate increasing to $10.05 per share, and an average earnings surprise of 11.7% [13]