Part I [Business](index=3&type=section&id=Item%201.%20Business) The J. M. Smucker Company manufactures and markets branded food and beverage products across three main segments, with a recent pet food divestiture and significant customer concentration - The company operates through three primary reportable segments which comprise **87% of its 2023 consolidated net sales**, focusing on branded food and beverage products in North America[11](index=11&type=chunk) - On April 28, 2023, the company completed a significant divestiture, selling several pet food brands including Rachael Ray Nutrish, 9Lives, and Kibbles 'n Bits to Post Holdings, Inc. These brands generated **$1.5 billion in net sales in fiscal 2023**[12](index=12&type=chunk) Major Trademarks by Primary Reportable Segment | Primary Reportable Segment | Major Trademark | | :------------------------- | :----------------------------------------------------- | | U.S. Retail Pet Foods | Meow Mix®, Milk-Bone®, Pup-Peroni®, and Canine Carry Outs® | | U.S. Retail Coffee | Folgers®, Dunkin'®, and Café Bustelo® | | U.S. Retail Consumer Foods | Uncrustables®, Jif®, and Smucker's® | - A significant portion of revenue comes from a single customer, Walmart Inc., which accounted for **34% of net sales in both 2023 and 2022**[21](index=21&type=chunk) - The company has set specific Inclusion, Diversity, and Equity (ID&E) goals, aspiring to double the representation of People of Color and increase women in senior-level roles to **45% within its U.S. salaried employee community by 2027**[38](index=38&type=chunk) [Risk Factors](index=11&type=section&id=Item%201A.%20Risk%20Factors) The company faces diverse risks including macroeconomic pressures, supply chain vulnerabilities, brand reputation issues, significant debt, potential asset impairment, customer concentration, and evolving regulations - The company is exposed to risks from single-source suppliers, such as Keurig for K-Cup® pods and JDE Peet's for liquid coffee, and single manufacturing sites for products like coffee and Milk-Bone® dog snacks[59](index=59&type=chunk)[60](index=60&type=chunk) - In May 2022, a voluntary recall of select Jif® peanut butter products due to potential salmonella contamination led to significant direct costs of approximately **$120.0 million** and an FDA Warning Letter in January 2023, posing ongoing legal and regulatory risks[73](index=73&type=chunk)[74](index=74&type=chunk) - The company has a high customer concentration risk, with sales to Walmart Inc. accounting for **34% of net sales in 2023**. Trade receivables from Walmart were **$211.5 million**, or **35% of the total**, as of April 30, 2023[75](index=75&type=chunk) - As of April 30, 2023, goodwill and other intangible assets totaled **$9.6 billion**. The U.S. Retail Pet Foods segment's goodwill is noted as being susceptible to future impairment charges due to narrow differences between its fair value and carrying value[97](index=97&type=chunk)[99](index=99&type=chunk) - The company faces risks related to climate change, including potential impacts on the availability and pricing of key agricultural commodities like green coffee and increased costs from environmental regulations[113](index=113&type=chunk)[114](index=114&type=chunk) [Unresolved Staff Comments](index=25&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the SEC - None[124](index=124&type=chunk) [Properties](index=26&type=section&id=Item%202.%20Properties) The company owns most manufacturing facilities in the U.S. and Canada, with a new Uncrustables facility under construction, and leases most distribution centers Key Manufacturing Facilities and Products | Locations | Products Produced/Processed/Stored | Primary Reportable Segment | | :---------------------------- | :--------------------------------------------------------------- | :---------------------------- | | Buffalo, New York | Dog snacks | U.S. Retail Pet Foods | | Decatur, Alabama | Dry dog and cat food | U.S. Retail Pet Foods | | Lexington, Kentucky | Peanut butter | U.S. Retail Consumer Foods | | Longmont, Colorado | Frozen sandwiches | U.S. Retail Consumer Foods | | New Orleans, Louisiana (four) | Coffee | U.S. Retail Coffee | | Scottsville, Kentucky | Frozen sandwiches | U.S. Retail Consumer Foods | - A new manufacturing facility is being built in McCalla, Alabama, to meet growing demand for Smucker's Uncrustables® frozen sandwiches, with production expected to start in calendar year 2025[129](index=129&type=chunk) [Legal Proceedings](index=26&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in various legal proceedings, including class action lawsuits regarding Folgers coffee and potential litigation from the Jif peanut butter recall - The company is a defendant in putative class action lawsuits alleging misrepresentation of serving sizes on Folgers® coffee packaging[189](index=189&type=chunk)[481](index=481&type=chunk) - The company faces ongoing consumer litigation and potential regulatory action associated with the voluntary recall of Jif® peanut butter products. The financial impact cannot be predicted, and no loss contingency has been recorded as of April 30, 2023[193](index=193&type=chunk)[484](index=484&type=chunk) [Mine Safety Disclosures](index=26&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company's operations - Not applicable[131](index=131&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=27&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common shares trade on the NYSE, with significant share repurchases in Q4 2023 and remaining authorization, and performance tracked against key indices Issuer Purchases of Equity Securities (Q4 2023) | Period | Total number of shares purchased | Average price paid per share ($) | Shares purchased as part of publicly announced program | | :---------------------------- | :------------------------------- | :------------------------------- | :----------------------------------------------------- | | Feb 1, 2023 - Feb 28, 2023 | — | $ — | — | | Mar 1, 2023 - Mar 31, 2023 | 2,350,000 | $152.34 | 2,350,000 | | Apr 1, 2023 - Apr 30, 2023 | 10,177 | $152.60 | — | | **Total** | **2,360,177** | **$152.34** | **2,350,000** | - As of April 30, 2023, approximately **3.5 million common shares** remained available for repurchase under the Board's authorizations[138](index=138&type=chunk) Comparison of 5-Year Cumulative Total Return | Index | 2018 ($) | 2019 ($) | 2020 ($) | 2021 ($) | 2022 ($) | 2023 ($) | | :-------------------------- | :------- | :------- | :------- | :------- | :------- | :------- | | The J. M. Smucker Company | $100.00 | $110.79 | $107.08 | $125.91 | $135.52 | $157.21 | | S&P Packaged Foods & Meats | $100.00 | $110.49 | $116.11 | $136.53 | $153.65 | $171.17 | | S&P 500 | $100.00 | $113.49 | $114.47 | $167.11 | $167.47 | $171.93 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Fiscal 2023 saw net sales growth driven by pricing, but operating income declined sharply due to a divestiture loss, while the company manages inflation, supply chain issues, and invests in growth [Quantitative and Qualitative Disclosures About Market Risk](index=44&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company manages market risks from interest rates, commodity prices, and foreign currency fluctuations using derivatives, with sensitivity analyses provided for potential impacts - A hypothetical **100 basis-point decrease** in interest rates at April 30, 2023, would increase the fair value of the company's long-term debt by **$307.7 million**[243](index=243&type=chunk) - The company uses commodity derivatives to manage price volatility for key raw materials. A sensitivity analysis shows a hypothetical **10% change** in market prices could result in a potential loss of fair value ranging from **$21.6 million to $53.9 million** during 2023[246](index=246&type=chunk)[247](index=247&type=chunk) - Foreign currency exchange risk is limited, as revenues from customers outside the U.S. represented only **5% of net sales in 2023**[250](index=250&type=chunk) [Financial Statements and Supplementary Data](index=46&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the company's audited consolidated financial statements, including the Report of Management on Internal Control, auditor's reports, and detailed notes on various financial matters [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.](index=90&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure.) The company reports no changes in or disagreements with its accountants regarding accounting principles or financial disclosure - None[488](index=488&type=chunk) [Controls and Procedures](index=90&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded the company's disclosure controls were effective as of April 30, 2023, with new controls implemented post-divestiture - Management concluded that as of the evaluation date (April 30, 2023), the company's disclosure controls and procedures were effective[489](index=489&type=chunk) - New controls and procedures were executed during the fourth quarter as a result of the divestiture of certain pet food brands[490](index=490&type=chunk) [Other Information](index=90&type=section&id=Item%209B.%20Other%20Information) The company reports no other information for this item - None[491](index=491&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=91&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information on directors, executive officers, and corporate governance is incorporated by reference from the August 16, 2023 Proxy Statement - Required information is incorporated by reference from the definitive Proxy Statement for the Annual Meeting of Shareholders on August 16, 2023[494](index=494&type=chunk) [Executive Compensation](index=91&type=section&id=Item%2011.%20Executive%20Compensation) Information on executive compensation is incorporated by reference from the August 16, 2023 Proxy Statement - Required information is incorporated by reference from the definitive Proxy Statement for the Annual Meeting of Shareholders on August 16, 2023[496](index=496&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=91&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information on security ownership and equity compensation plans is incorporated by reference from the August 16, 2023 Proxy Statement - Required information is incorporated by reference from the definitive Proxy Statement for the Annual Meeting of Shareholders on August 16, 2023[497](index=497&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=91&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information on related party transactions and director independence is incorporated by reference from the August 16, 2023 Proxy Statement - Required information is incorporated by reference from the definitive Proxy Statement for the Annual Meeting of Shareholders on August 16, 2023[498](index=498&type=chunk) [Principal Accountant Fees and Services](index=91&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information on principal accountant fees and Audit Committee pre-approval policies is incorporated by reference from the August 16, 2023 Proxy Statement - Required information is incorporated by reference from the definitive Proxy Statement for the Annual Meeting of Shareholders on August 16, 2023[499](index=499&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=92&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section provides an index to financial statements and a comprehensive list of all exhibits filed with the Form 10-K - This section provides an index to the financial statements and a comprehensive list of all exhibits filed with the Annual Report on Form 10-K[501](index=501&type=chunk)

Financial Data and Key Metrics Changes - Fourth quarter adjusted earnings per share increased by 18%, driven by net sales growth and improved profit margins, partially offset by increased selling, distribution, and administrative (SD&A) expenses [5][53] - Fiscal year 2023 net sales grew well above the long-term algorithm, with comparable net sales increasing by 9% [10][36] - Adjusted operating income increased by $57 million, or 16%, reflecting increased gross profit, partially offset by higher SD&A expenses [27] Business Line Data and Key Metrics Changes - In the Pet Foods segment, comparable net sales increased by 11%, driven by strong growth across all categories [41] - The Coffee segment saw net sales grow by 7%, with higher net price realization contributing significantly [29] - Consumer Foods net sales increased by 14%, with notable growth from Smucker's Uncrustables frozen sandwiches, which grew by 43% [9][56] Market Data and Key Metrics Changes - The Away From Home business experienced a 25% increase in comparable net sales, driven by higher net price realization and double-digit volume/mix growth [19][32] - International segment net sales increased by 4% on a comparable basis [32][57] - The at-home coffee market remains strong, with at-home consumption representing 71% of all coffee drinking occasions [18] Company Strategy and Development Direction - The company is focusing on driving continued growth through superior execution, improving profitability, and transforming its portfolio [20][48] - The divestiture of certain pet food brands supports the strategy to focus on higher-margin dog snacks and cat food segments [22][60] - Investments are being made to increase capacity for Uncrustables and expand liquid coffee presence [22][50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering strong sales and earnings growth in fiscal year 2024, despite ongoing inflation and supply chain challenges [40][60] - The company anticipates comparable net sales to increase by approximately 9% in fiscal year 2024, supported by brand momentum and anticipated volume growth [49][36] - Management highlighted the importance of corporate responsibility and sustainability as focal points for long-term shareholder value [48] Other Important Information - The company returned $800 million of capital to shareholders through dividends and share repurchases [23][59] - Free cash flow for the fourth quarter was $299 million, compared to $221 million in the prior year [33] - The company expects full-year gross profit margin to be between 36.5% and 37.0%, reflecting a significant increase from the prior year [61] Q&A Session Summary Question: What are the expectations for the impact of the Jif peanut butter recall on future sales? - Management indicated that Jif has returned to net sales growth and anticipates strong double-digit growth in fiscal 2024 due to increased marketing and demand-driving activities [45][60] Question: How is the company addressing supply chain challenges? - The company is investing in infrastructure and labor to improve efficiencies and increase throughput, expecting improvements in supply to catch up with demand [42][60] Question: What is the outlook for the pet snacks category? - The company expects to grow its dog snacks portfolio to $1 billion in annual net sales over the next several years, focusing on high-margin segments [16][20]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION ☒ QUARTERLY REPORT PURSUANT TO SECTIONS 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: January 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 1-5111 ___________________________________________________ The J. M. Smucker Company (Exact name of registrant as specified in its charter) _____________ ...

The J. M. Smucker Company (NYSE:SJM) Q3 2023 Earnings Conference Call February 28, 2023 9:00 AM ET Company Participants Aaron Broholm - Vice President of Investor Relations Mark Smucker - Chairman, President and Chief Executive Officer Tucker Marshall - Chief Financial Officer Conference Call Participants Peter Galbo - Bank of America Merrill Lynch Andrew Lazar - Barclays Bank PLC Kenneth Goldman - JPMorgan Chase & Co. Christopher Growe - Stifel, Nicolaus & Company, Inc. Robert Moskow - Credit Suisse AG Ste ...

| --- | --- | --- | --- | |------------------------------------------|----------|----------|------------| | ($ in millions, except per share data) | FY23 Q3 | FY22 Q3 | YoY Change | | Net Sales | $2,216.3 | $2,057.1 | 8% | | Adjusted Gross Profit | $739.3 | $712.3 | 4% | | Adjusted Gross Profit Margin | 33.4% | 34.6% | -120bps | | Adjusted Operating Income | $357.6 | $377.9 | (5%) | | Adjusted Operating Income Margin | 16.1% | 18.4% | -230bps | | Adjusted Effective Income Tax Rate | 24.8% | 25.1% | -30bps | ...

The J. M. Smucker Company (NYSE:SJM) Q2 2023 Earnings Conference Call Q&A Session November 21, 2022 9:00 AM ET Company Participants Aaron Broholm - Vice President, Investor Relations Mark Smucker - Chairman, President and CEO Tucker Marshall - Chief Financial Officer Conference Call Participants Andrew Lazar - Barclays Peter Galbo - Bank of America Ken Goldman - JPMorgan Robert Moskow - Credit Suisse Christopher Growe - Stifel Steve Powers - Deutsche Bank Jason English - Goldman Sachs Cody Ross - UBS O ...

THE J.M. SMUCKER CQ2 BARCLAYS GLOBAL CONSUMER STAPLES CONFERENCE September 6, 2022 ● ● 】【 】 . . 【 】【 . . MARK SMUCKER Chair of the Board, President and Chief Executive Officer . . ● ● . � � . THE J.M. SMUCKER Co. 2 . . Forward-Looking Statements 3 This presentation contains forward-looking statements, such as projected net sales, operating results, earnings, and cash flows, that are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from any future resu ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ___________________________________________________ FORM 10-Q ___________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTIONS 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: July 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 1-5111 ____________ ...

The J. M. Smucker Company (NYSE:SJM) Q1 2023 Earnings Conference Call August 23, 2022 9:00 AM ET Company Participants Aaron Broholm - Vice President, Investor Relations Mark Smucker - Chairman, President and CEO Tucker Marshall - Chief Financial Officer Conference Call Participants Andrew Lazar - Barclays Nora Young - JP Morgan Peter Galbo - Bank of America Chris Growe - Stifel Robert Moskow - Credit Suisse Jason English - Goldman Sachs Pamela Kaufman - Morgan Stanley Cody Ross - UBS Alexia Howard - Bernste ...

THE J.M. SMUCKER CQ2 FISCAL 2023 FIRST QUARTER EARNINGS SUPPLEMENTARY INFORMATION August 23, 2022 CONSOLIDATED RESULTS | --- | --- | --- | --- | |------------------------------------------|----------|----------|------------| | ($ in millions, except per share data) | FY23 Q1 | FY22 Q1 | YoY Change | | Net Sales | $1,873.0 | $1,858.0 | 1% | | Adjusted Gross Profit | $587.4 | $646.2 | (9%) | | Adjusted Gross Profit Margin | 31.4% | 34.8% | -340bps | | Adjusted Operating Income | $270.0 | $323.4 | (17%) | | Ad ...