JM Smucker Company: 4Q26 beat on sales/SD&A; FY27 outlook better than expected

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JM Smucker Company: 4Q26 beat on sales/SD&A; FY27 outlook better than expected

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JM Smucker Company

4Q26 beat on sales/SD&A; FY27 outlook

better than expected

Reiterate Rating: BUY | PO: 130.00 USD | Price: 101.77 USD

4Q26 adj. EPS of $2.77 beats BofAe of $2.69 09 June 2026

This morning, SJM reported 4Q26 adj. EPS of $2.77, above BofA/Visible Alpha consensus Equity

of $2.69/$2.64, driven by better sales and lower SD&A. The company also introduced its

FY27 outlook, including adj. EPS of $9.75-$10.25 (BofAe $9.90) and net sales of -4% to PeterResearchT. Galbo,AnalystCFA

-3% (BofAe +1.3%). EPS outlook surprised to the upside and guidance appears to embed BofAS

+1 646 743 0175

some conservatism in our view; shares should rally positively today; Reiterate Buy & peter.galbo@bofa.com

$130 PO; we continue to see SJM as favorably positioned within the center store Chris Downing

packaged food group given portfolio construction and potential optionality from Research Analyst

BofAS

portfolio review of the Hostess business, both key tenants of our February 2026 upgrade christopher.downing@bofa.com

report. Yasmine Deswandhy

Research Analyst

Key takeaways: Sweet Baked Snacks better than expected BofAS+1 646 855 3745

1) Net sales of $2.3bn were ~$18mm above BofAe, with upside driven by Sweet Baked yasmine.deswandhy@bofa.com

Snacks (faster than anticipated return to production post Kansas plant fire), while all

other segments came in about in line. 2) Organic sales increased +5.9% YoY (BofA

+5.2%) ahead of our estimate, driven by more favorable pricing. Adjusted gross margin Stock Data

of 36.8% was below our estimate of 37.2%, though operating margin beat on better

SD&A cost control. Price 101.77 USD

Price Objective 130.00 USD

FY27 introduced: adj.