JM Smucker Co

SJM: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$135.00	Lptg	Bsvvd

JM Smucker Earnings: Macro Environment Pressures Fiscal Q1, but Uncrustables a Sweet Spot

Kristoffer Inton

Aug 28, 2024

We expect to reduce our fair value estimate of $133 per share for JM Smucker by a mid-single-digit percentage on its first-quarter fiscal 2025 earnings release, roughly in line with the market reaction. Fiscal 2025 has started off more slowly than the company expected, leading management to reduce full-year guidance for net sales growth to 8.5%-9.5%, down 1 percentage point at each end. The cut also falls to the bottom line, with adjusted EPS guidance of $9.60-$10 down $0.20 at each end. In comparison, our preprint forecast for net sales growth adjusted earnings per share were 10.1% and $9.97, respectively.

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