SJM - Earnings call transcript Q2 2025 | The J. M. Smucker Company

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Operator

Good morning, and welcome to the J. M. Smucker Company's Fiscal 2025 Second Quarter Earnings Question-and-Answer session. This conference call is being recorded. [Operator Instructions] I'll now turn the call over to Crystal Beiting, Vice President, Investor Relations and Financial Planning and Analysis.

you. Thank

begin. may You

Crystal Beiting

morning's thank at question-and-answer joining had session. our on in to and remarks, management's second are which a fiscal quarter review available this detailed as earnings I corporate results release you morning, and our prepared website for our XXXX chance press jmsmucker.com. Good hope everyone

will post an at this of conclusion session. also audio call We morning's the replay of Q&A this

and we call, results expectations make forward-looking These reflect assumptions that on current plans due may to actual may statements about risks our and future and During performance. materially and rely statements uncertainties. today's estimates, differ

in Additionally, non-GAAP morning's use concerning I full press performance internally. disclosure encourage measures you forward-looking statements we on this to read details the results release. to and evaluate non-GAAP our

call Mark President Chief Financial of the this Executive and on Chair are Tucker Board, Officer; Smucker, Officer. Marshall, Chief and Participating

We will now open the questions. for call

up please first question. Operator, the queue

Operator

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

Andrew Lazar

the thus quarter, Mark, that. now would line timing year though Great. SG&A think the Thanks third top has your question. I the even certainly help to moving well you guess, and year-over-year only spend this so of solid expect been sales the third momentum quarter, the top And fiscal in far for the above much would flat I line.

Hostess deceleration? it's So expected base? is driving there something sales? of impacting moving into that just the third discrete Maybe you see what's sort quarter Or

Tucker Marshall

continuing and our the for of Thanks do back Tucker. is of momentum a year. second this acknowledgment through fiscal we Andrew, delivering strong see the the quarter, half

the coffee flat -- sales. really third top year-over-year pricing so we're within question what our Specifically line portfolio around flat of to we're is assessing round our quarter, second coffee anticipating for your

that sales. lapping assessing discretionary co-manufacturing We're the of outlook prior and being we're offset we prepared along Sweet and pet of year in acknowledged which focus portfolio have our Snacks with frozen handheld the also down QX. remarks, portfolio, nature by in spreads overall the we and in reduced the treating for Further, called our a very pet the that growth seeing then Baked also comp strong really seeing is

Andrew Lazar

but really the that sales have implies, a I a Great. sequential second if decline first, year And in more we do I it, And new for from seen low guidance that's brand the helpful. half. can the I Hostess to full obviously, still single-digit we've your the, improvement realistic, think, so, high single-digit more recently? it's tell No, year-over-year right? mid- declines best the guess, call for implies

guess of sequential of second So Again, to expected for that the to I what's drive improvement outcome. that visibility sort your the have sort calculation right I the half? back half. if in what's And

Tucker Marshall

year-over-year a single-digit decline Andrew, 'XX guidance our correct. for half. FY sales are implies low you in second The

year-over-year comparables. some We execution And move through One sequential remarks fiscal to some we outlined improve due the came are improvement to just as around then X easier reasons. Mark's lapping through are is we're doing seeing the what that secondly really section. year. portfolio across That's the

Operator

coming from Goldman question is Next from Ken JPMorgan.

Kenneth Goldman

to to -- both synergies, conversation maybe that terms in In little light this I'm line longer year path wondering you're next. what can top of on growth of to of kind continue on get us thinking X% Hostess bit the bit term? little of longer update a just and a you a back

Tucker Marshall

million million be seeing half outlook able revenue half even and thinking and and of going about Tucker. about that that completing the the how and year to to I'm year, synergy next a we're our this on of achievement cost have in this And end still 'XX. is should the Workman the cost synergies $XXX committed But front, divestiture. component. talk Mark fiscal year synergy fiscal in then We're after we're fiscal bit we about balance to frame $XXX the by achieve

Mark Smucker

Mark. it's Ken,

maybe play Just a to remarks. prepared back little my bit in

So brand. think just of it the lot there driving really wanted a the We to acknowledge We still about opportunity were X for -- things love there's remarks Hostess. feel underperformance. we in the just that prepared were that and excited

brand. But key behind was is is which inflation bit things a our the cautiousness big new very complete. discretionary will do connection we to pivot integration because we're better fundamentals, be shelf to new which at an started doing and be was a continued marketing speak the and fantastic One going sure executed consumer, is of campaign us not channel, relevant in the Away if on X have lower getting the and distribution right, terms really related impulse and category, what just we integration execution display more part, the went is and to expanding advertising then the emotional which are against well it's of the making to to believe Home base in we the of because in year, to launching really and to income From notably it that consumers

would packaging some refresh, that innovation. include then And

less lastly, looking very We strong. will tests on with brands early equations we've reads Hostess some had legacy brands, consumer. on to launching those so $X our the will different and And coffee, be and co-promotions at we discretionary like co-promoting some think, bringing pack, value of then early are

be So that accelerating we'll efforts thing those another doing. is

positive categories. the see over improvement just would across trends in brand expect we of that and to confident in Hostess the multiple to snacking remain coming results overall because quarters, So continue remain

Kenneth Goldman

a Great. company. balance be for the would between And takes like the the rest of to a you there's in and of about year think pivot price lot versus us there. How would to just mix volume understanding puts the broader quickly, then

would helpful. be sense general a Just

Tucker Marshall

Yes.

As we I kind down easier the about can, break year it think this it's to of think full way.

$X.X isolate -- the it's you when of impacts divestiture, is comparable the of about that you think think outlook you gives foreign our when pet probably If about guidance our you another point. the exchange, of midpoint at acquisition, co-manufacturing, million around range, growth

probably And and is business split base X.X% volume price So basis. equally between you're year on about to mix full that, a within X%.

Operator

Your Moskow Suisse. next Robert is coming from Crédit question from

Robert Moskow

I details questions little mentioned Hostess. a had a what you how you it. aspect of it Can on you more One is, give weakened Mark, what us execution that about and can couple of fix caused weakened. that and

in a secondly, about drowned concerns But then there aggressively out. I whether quarter to lot plans There's aggressively time internally 'XX. it administration the are market Again. might do of Healthy more And any a broader indulgent appreciate the Make question. hostess messaging on -- this first to wondering, And just think how marketing will snacks. receive America be I'm it? the consumer is you new the from get right

Mark Smucker

Sure, Rob, Mark. it's

category the that this discretionary remember talked First income in of general, less when and inflation, that all, about channels. just I all has on affected

seen be that channels, So convenience it's convenience. and We've a is impacted. the channel entire clearly its traditional so bit, down has that that --

And innovation. to then our I relevant have mentioned display going place, seen guess across is is up with what ramping -- supporting bit efforts are to make execution our is that we would be highlight and a I display in drive sure that we're to that more we liked our that so channels really would have when I

obviously, some do the several off continually think with and again, quarters. and next, events there's co-promoted And future take will on that these place throughout the opportunity we in

in domain, trends believe eat continues. continue of snacking strongly it are As day. snacks Consumers to we a political supportive. relates very anything to that the couple a The

protein, a it or look continues contains reward more it's for whether themselves That those throughout will going case. day. are to to consumers way hostess And the like at snacking to be times to the Uncrustables indulgent different continue and snacking, continue

what that size, for So be dots less continuing to the brands they're whether seeking, indulgent, between more portion connect the consumers the and and indulgent.

obligation on. going grow continue that's continue an brand, the to have what and We focus to to to we're

Operator

Bank Next of Peter coming America. question from is from Galbo

Peter Galbo

the what look maybe from going and a to I at from just But odd it if has a raise maybe we why and to like have understand the then volatility start seen it now your bit $XX just the the $X.XX visibility EPS want I year, would is unpack -- to guidance, I much more midpoint Tucker, moved, was maybe now kind kind for of cut to in help shift think, me. you've $X.XX. if it the of been just a bit any been historically. as to can know just has than the back that back you a don't And of to lower as us because unpacking start, has.

Tucker Marshall

Yes.

outlook and quarter driven and round to coffee reduction need correct. are midpoint to of driven guidance the you inflation ongoing take into $X.XX by a of out really $XX, that and we at revised top with change a We in our the line midpoint second by So largely year a coming the down first green was also pricing. came of the

outlook quarter, is locking quarter. this in our up we're up at so our $X.XX. took in for doing we $X.XX, guidance midpoint component margin our beat second what the the the of we're Really, range, gross of As now

good and acknowledging our And so full bottom that, story our to up bring year. mind, the our the outlook in is for a line ability at

Peter Galbo

it. Got

to you're at that's just day, subject in of kind we're new potential commodity X the thinking take on pricing markets. of pricing maybe have you've well. the Mark, make while the coffee could helpful. of the taken every maybe as additional that, No, need elasticity to prices least And about seem that point, Okay. at highs coffee, how rounds and impact this

Mark Smucker

here. Sure, Peter, Mark

it's our and we as that coffee, highlight the Arabica been pass-through haven't a pleased yesterday, hit very probably in So to see performance XX I we all that the over Arabica category. significant years. seen for $X We've quarter. despite fact $X continue inflation, with we would know,

I harvest unusual. is speculative market yet. And so haven't because it season coffee that today very we hit is highlight the would for

to And so seeing of financial we're a volatility related speculation. really lot is the

we what into start get we we crop. could are to intel will that -- we would terms have relief, still assuming a looks to As have bit would in early indicators of that be. more that anticipate like There what a of some might, a good we we hope bit it's the get but harvest,

at reduction whether do to to we we be up that much we pass try the what business the of the careful to able and that's trade have. obviously, coffee -- will and to we down, manage we both to pull responsible along But will and changes, continue the way but bear, to be we can make price and to available up take we cost levers consumers we too sure we continue make always are will to end very or cost us, to don't responsible intend have day, to and that the do the sure that want

Operator

question next Your is Chris Wells from Fargo. Carey from coming

Christopher Carey

but next sounds the context like in to it maybe into made little summer coffee, year. of it I about earnings expectation but the wanted as aspirations I that to and being Mark around year? Hostess dynamic even forward keep you fiscal Tucker, would on fiscal a you perhaps clearly this that price have moving you some we inflation get you've an assess And that for this up beyond have follow it above guess, next against at on algorithm. come against comments going trends also this all, How comps, to well better easier in specifically EPS questioning of C-stores bit does as fiscal coffee want 'XX together

Tucker Marshall

the about question. probably it's but for fiscal to 'XX, year can appreciate the outlook I Chris, early certainly talk

is considering think I'd outlook to of we're 'XX. for the I in frame that what components like against sort that

as what the [indiscernible] business mitigation and with removal some base pet you've of momentum, from questions. of in benefits alluded of the overhead about reduced acquisition. and ongoing our debt particularly sort thinking transformation is we divestiture. Hostess from to is Two is and with synergies our programs of associated of and productivity your office the a paydown, First realization stranded associated about food advancements interest from the expense. then Also cost all, think that the

to continue year. to outlook that we for continue have next fiscal to better for year. and But this year. we're considering next And that's the assessment We'll call the really as plan year, a early complete it's too for next we framework

Christopher Carey

Okay.

Okay, fair. around more questions consumption One in received recent coffee follow-up. We've weeks.

some of category. theorizing volumes driver the for softness entire Some that be in weather may some sequential

about perhaps business for going What any you is we and should and of here. category thinking sequential your that the in elasticity, how coffee of other impact the your assessment also and considerations from see weather developments forward be

Mark Smucker

consumed of do to still a the coffee away-from-home home. that's business, consumed cups be business have Chris, continues the answer, family Obviously, more continue to it's are is The do that in liquid do bit cup. nice support past, business of of well. be piece in we we at around an can a gatherings to whether a tough different at-home . The coffee is the part. X usually home. holidays. majority total. data they to that positive as But We very see still feel totally XX% And What honest. X consumption in most the positive, to general, our -- forms, around shift related see but business to that's we for consumer is at business as our our been the

shift our growth continue to is, focus. where portfolio We to the have demonstrated we're and ability going where our to that's to

Operator

from Tom today question Citi. coming from Next is Palmer

Thomas Palmer

on sweet I baked snacks. wanted just to start -- maybe off

of year packaging, have distribution is these kind marketing. the cycle of -- how some point this changes changes at noted visibility merchandising changes from are How rolling been customers? the in received? roll here Do these improved selling new You as to the you into we displays, Where out? we or into planned

Mark Smucker

already engaged actively we our Yes, with customers, are been and positive. discussions those key have of several

I we where win demonstrate category, end could they leader of in the day, the think being this at a to. winning

really be it win-win. a needs so And to

with bear to categories holistically work allows customers channel and customers, thinking we the to partnership which our of data ultimately, they everyone need bring that to bringing and way regardless our like The us that they wins. and is about insights,

So category the is to grow to grow but well. Hostess the not only the goal as business

Thomas Palmer

but 'XX, bring some did up comment I takes. in want costs puts on then And ask to on to you don't segment. full wanted of I the the you And pet and straighted in maybe appreciate the

quite or the then is year confirm, ability to And year As consider? next still stranded and the occurring number we to think year-over-year? this soon unwind TSA year about headwinds some I this it's of address are the there here, costs, think $X.XX just to for benefits

Tucker Marshall

Tom. Yes,

Holdings So overhead. That second completed we confirmed have fiscal transition $X.XX completed year. this called have that our the an was fiscal in this with stranded we impact out services Post -- net a of in agreement year quarter is to impact as

forward next to those are move remove we overhead. we mitigate we acknowledged or year, into fiscal working otherwise that have As stranded

earnings So it about should think not we to be a year-over-year. our drag as growth

Thomas Palmer

should be it a right? But tailwind,

Mark Smucker

Correct?

Operator

Next question today Alexia from from Howard coming is Bernstein.

Alexia Howard

but question the sort around One of just about of loss just -- you a about the drugs. on weight broad are so a question gathering not I specifically how Hostess, consumer can what information ask needs GLP-X More tackling the there.

play You've food Butter. that obviously like Peanut got some parts of the into portfolio is well the pet and coffee that segment, benign. Obviously, Jif the things pretty

of have adults be which mid-single-digit seems drugs might It be obviously as pressured. these to it's now, many then And and we though as as could likely percentages U.S. Hostess, escalate. there on

cover were about there Medicare this morning -- was there think for articles I Medicaid the and to out potential them.

are urgently what How innovation, to information are what trend about other how of that resources and that relative the market. to you getting developments what the tackle putting you to in do need tackling question you against

Mark Smucker

Mark. Alexia, it's

all, acknowledging our because forms because, the and very of for play portfolio win different thank categories of different in well other in you spreads being lot obviously, pat first a of we coffee, that snacking of breadth in So ways. bodes

would consumer continue is appreciate what are the wanting quarters, saying So to we a closely at have see to specifically, I've an really at the might focused acknowledging of what a impact business facts of mean as look be our and -- -- that acknowledgment. trends where the place no ongoing seen GLP-X prior research this the in snacking might of as are that the of and we we our logical that any trends And all on an And point, trend then impact. result very and for that impact on and business. material we said do

type look is to mind could that date, for for consumer their keep might anything reducing across To meet look continue XXX sugar. trends to be for diet said, portion through provided continue seen been have whether products every to going it diet. and that's size, that relevant to the in at years. always meaningful. looking mean, We've going that monitor consumers we we're been different needs, have not do, of change I to in as and we effectively landscape innovation we the business we're That

variety to the while a do There's to may the really we to impact have whole of innovations continue will that what bring monitoring thinking is as bear and of we so it -- opportunity be. what all an

Alexia Howard

end based you that And just divestment, that to close year. you the I'm hit into the a earnings of get a in the next middle just a somewhere at expectation that Voortman, or $X.XX going be year? out much sense trying On real Is how it the on quarter? of quarter quick third follow-up. could will the said this third of the expect the impact to

Tucker Marshall

Alexia. Yes,

of full quarter a to to than year a $X.XX that closing be Voortman from so leaving because debt, more we're third on will in transaction guidance middle around impact a this probably to of our anticipate announced about that overall year immaterial The would the halfway million is press little the the proceeds year. partially pay our year, fiscal transaction. a the We release is in we the So outlook $X.XX kind impact range the basis, therefore, $X.XX. $XXX it nickel, or through down which offset using for bit

Operator

from Stifel. Next question is Smith coming from Matt

Matthew Smith

the in anticipated. the has the drivers the momentum across growth increased of sales than for comparable is One stronger been

half second investment? velocity driven and is you products capacity. and stronger talk increase we in of Or increase in you you opportunities? this your can forward, the as marks You beyond? the in distribution about your But the seeing look more mentioned as growth new drivers Are

Mark Smucker

we've this believe Uncrustables we've question. an it can't call had long the Matt, into made I

doing So thank you. Uncrustables is fantastic.

As I the next did running, to saw, month the the continuing earlier expand you the was months. which site, up is we governor in opening Alabama, several ribbon-cutting, and with over third the there in production

But demand new to that the demand-generating us us -- the allows consumer giving in now to fact mode us allows the advertise, that clearly products. meet launch is we're and

and So fantastic far product. the our It's exceeding expectations. is Uncrustables a

SKU, a really brand peanut year overall, the go butter with pleased of the our performance also next and actually, We expectations. exceeding limited national and only it's launched will which

our year, of which $XXX do we this expectations. expect million -- So ahead to is hit

I think we billion exceed said. like or to say 'XX, meet we're it's the going in $X safe to

have for And any billion, and believe we beyond markers continue the billion in new so we're put frankly, great great we not $X teams do products $X to out support get variety. bring production, and there beyond all new the to ability going plants but with to X of out

So really business. Uncrustables bullish on the

Operator

Your next from coming today Rob Jefferies. is from question Dickerson

Robert Dickerson

times I questions of just you've of full willing when where on bit I the margin provide Mark, op there been maybe Tucker, have of incremental color segment of fall year. had know side. been basis, around the could couple kind of a kind maybe a just on a little kind to for historically, profitability per

just specifically of half in in So just on done first, back right? year. kind I'm has asking the of coffee, of year. nature things first I'm pass-through the down coffee, well that the given In comes the the considered pretty assuming the all

year view So of kind kind the is for that today, margin I first you of guess playing out? question of do like -- how just op as

Tucker Marshall

Rob. Yes,

level, delivered to range margin start outlook gross EPS in than the align for strong we XX.X% would expectations. that lock a the picture guidance profit I quarter, total gross We're overdelivery the to full and a better to in and just margin also second at year. XX% So company our our into big able acknowledge

better. level. businesses is expectations segment bit some portfolio coming margin a line with the instances, In at some are the really, in And little

our Some you coming in sort and is of fiscal acknowledge their that we portfolio, businesses the also expectation. are this coffee are where first we which quarter. coming But out seeing into around change margin of acknowledge year,

of inflation. green by rounds driven coffee -- recover that's to price And pricing X really actions ongoing

to we low get for you into in margins first that XXs the in fourth quarter, inflation were good. substantially and coffee that will the the as of structure. so third were of ongoing And very very, XX% and come see QX. into quarters level But both coffee mid-XXs down kind and get quarter our green the they cost component result as as QX we of X higher the cost a Candidly,

Robert Dickerson

Okay.

seems just profitability made, of a terms like very kind touch around just they're be in, clearly in how which pieces the is of segments question going That's coming is then maybe to comment a And -- on Okay. helpful. to It on moving right? they're you anyway.

right? originally, little first that's without have might might been said you strain pet far, coming that's so the bit come all so the margin. And or kind at the a think margin in of I So, op in better, in release in of XX% overhead. QX XX% half,

I'm the as just about right, coffee curious, kind thinking that if we're portfolio, half, back a totally to little why. in let's of bit, total So say, down comes understood margin

like Pets Seems Sweet XX% Snacks, of kind investment maybe that in running forward and range. half. some kind activation, bit XX%, little better, right? little in the more hearing lot I'm a back there's coming And Baked frozen a pull a maybe in handheld around going of spreads

down originally all say some. Pet, that than we coffee margins probably kind is to just thought. So coming it of higher in fair

Frozen comes in kind Baked little Snacks is kind a maybe of in Sweet of lower line-ish QX. and

of all some a of business. kind parts it okay, driving I but is there, the pet of There's of some net-net, the really funding lot that's offset the other So all in of plays but kind of and have.

Tucker Marshall

right. I lot There do in your understand there. acknowledge, framework. But is a I to are want you Rob,

think have a follow-up I call. we scheduled

certainly why understand puts of model then. framework. So go we the I the don't and calls your through But

Operator

from coming Powers Bank. Next question from Steve Deutsche is

Stephen Robert Powers

some and follow-up about you as Pet the out, takes. quick, Tucker, on the you a guess, business. puts I XQ talked extent Just called to

of or guess, pet Just discretionary of the some, caution nature I acknowledgment treating. conservatism

category. that Just seeing would love you're an update in what on

sensitivity stable. happened Curious that We have were held kind pretty quarter-over-quarter at seem I to the this for to doesn't potentially worse the and has looking it guess, to of thus things demand get year. far sequentially us, to least

another and curious comments down So I'm sequential are kind the of seeing expecting stability relative just portends half? step as demand into you you're we go what in or your back

Mark Smucker

for the Steve, continues whole And spectrum. phone No I'll it's Mark. to we X take One it's value reasons. that perform. is across one. play essentially

that Milk-Bone to got treating value the chews products all in biscuits, biscuits. has long-lasting basic premium in occasions, compete dental we've So of or different just that's or core whether

I'd So seems drive brought our of continues peanut to winning for that -- perform. breadth buttery really it's at of say working. which have then performing been those the Jif, bites, Regardless innovation the is actually driving secondly, innovation And have been exceptionally notably contain news brand it the this at where well. we've to that's sales us innovated, and -- new

bringing So little continues subdued to leveraging plans brand, are are to in in we where terms the nature our extremely because loyalty. perform. of soft Milk-Bone, consumer the a high the has the discretionary we has of now bear category that, bit -- new brand been chewy fact And although even down an segment growth of refreshing and with that

product about thinking go really market, product. to so to that going And we're of really, emphasize how quality the

to Milk-Bone. of portfolio, snacking our So not the breadth whole we're just going support

Stephen Robert Powers

Fair. Okay.

fair? being the that about difficult your playing third slowdown business like difficult more than just more more actual just anything any getting category Is demand the in pet back, So that in sounds comp backdrop. underlying it the in quarter

Mark Smucker

anymore. co-manufacturing not We're for post Yes.

keep existing comps not on the prior And will apples-to-apples comps the so focused and business but guys look we great, year. you versus would the the

sure that you. make we we'll with So clarify

Tucker Marshall

any of kind there. discretionary nature just Steve, the in calling softness overall we're rate category growing acknowledging a as incremental of to not embedded the result that's Milk-Bone that at We're and brand. down the a of it's slower

as just comments mechanical is just the X comparable. to my the of And co-manufacturing Two then more around the math category sales. the stands. it treating aspect QX is So relates were of where

Stephen Robert Powers

Yes.

that. all aligned, We're Okay. understood on of

Operator

question BNP from is coming today Max next Gumport Our Paribas. from

Max Andrew Gumport

Going coffee. to back

half. in think on growth flat mentioned I second an the expectation net you sales call, earlier for this

X% growth the embedding a And You just did for I half. coffee second quarter. in realize in sales elasticity second the assumptions you're

sounds drastic But -- from I second pretty historically the been to pricing flat for X% a to heard that's categories. something as in last that plus right? on half the go pretty a like it, bring You what's you me, more in if

So I expectations half? for coffee second top the clarify just wanted to line your on the in

Tucker Marshall

being third quarter. Yes, in Max, to related our my comments coffee were flat

quarter. We growth of X a our you pricing fourth mid-October. will we've level in round as pricing And was rounds the know, in see of essentially and second taken of

So effects see the we'll our against demand elasticity round price begin to early of the second in winter. of

And The assess. is our category. that's continues monitor and of good also is, to we what leadership that continue in so perform our news the portfolio strength the to with

Max Andrew Gumport

and a Okay. pet Got cut it. remarks about That's price cat comments helpful. Mix the higher snacks. for And prepared food on then dog food, had Meow and then trade in spend

talk about those competitive And the the of you what I'll it give environment in that's aside, So informing you're can seeing types just caution consumer decisions. putting there.

Tucker Marshall

activity supply brand. the the Mix back-end pet Yes, the we be as the highlight the company. against were brand, promotional continues able Max, within portfolio restore of the brand became against and full a to particularly overall in bright of to Meow the spot we And some stock and

to drive the continue we innovation And as across portfolio well.

Operator

the end comments. our or We of session. reached question-and-answer back floor to any further like turn for over I'd the closing

Mark Smucker

possible for the call. great our our and and week outstanding that you. employees. to Well, not have taking quarter, without thank join had been another a thank like first, time today We just would Kevin, everyone to holiday I'd

Tuesday, work them really in to Day their to like for We're our Investor company. hard our XX New December dedication I'd always, York looking continued as So City. thank hosting and on forward to

just And reach over to weekend. holiday Beiting. Crystal the And so happy and and very out rest a a great request, for any the give additional hopefully please everyone hope has week Thanksgiving

again. So thanks

Operator

Thank today's you. teleconference webcast. That does and conclude

thank this time, for have you We your participation day. line your a at and may You disconnect today. wonderful

The J. M. Smucker Company (SJM) 26 Nov 242025 Q2 Earnings call transcript