SJM - NYSE

Good morning. This is Crystal Beiting, Vice President, Investor Relations and Financial Planning and Analysis for The J. M. Smucker Company. Thank you for listening to our prepared remarks on our Fiscal 2025 Third Quarter Earnings. After this brief introduction, Mark Smucker, Chair of the Board, President and Chief Executive Officer, will give an overview of the quarter’s results and an update on strategic initiatives. Tucker Marshall, Chief Financial Officer, will then provide a detailed analysis of the financial results and our updated fiscal 2025 outlook. Later this morning, we will hold a separate, live question-and-answer webcast. During today’s discussion, we will make forward-looking statements that reflect our current expectations about future plans and performance. These statements rely on assumptions and estimates, and actual results may differ materially due to risks and uncertainties. Additionally, please note we will refer to non-GAAP financial measures management uses to evaluate performance internally. I encourage you to read the full disclosure concerning forward-looking statements and details on our non-GAAP financial measures in this morning’s press release. Today’s press release, a supplementary slide deck summarizing the quarterly results, management’s prepared remarks, and the Q&A webcast can all be accessed on our Investor Relations website at jmsmucker.com. We invite all interested parties to join us at 8:30 am Eastern Standard Time today for a live question-and-answer session with management to further discuss our third quarter results and outlook for the full 2025 fiscal year. Please contact me if you have any additional questions after today’s question-and-answer session. I will now turn the discussion over to Mark Smucker.

Thank you, Crystal, and good morning, everyone. In the third quarter, we continued to build on our strong start to the fiscal year. Net sales for the quarter would have been above our expectations, however, we experienced certain supply chain disruptions that negatively impacted our results, which I am pleased to say have been resolved. Despite these factors, and through disciplined cost management and execution, we delivered adjusted earnings per share that exceeded our expectations. This momentum enabled us to increase our full-year adjusted earnings per share and free cash flow guidance. Our strategy is working, and we are delivering positive results in a dynamic operating and consumer environment. We continue to prioritize resources towards our key platforms with the largest growth opportunities. Starting with the Uncrustables brand, which grew net sales by 15% at the total Company level in the quarter. Growth was driven by our national advertising campaign, distribution gains, and new merchandising investments to drive trial and awareness. These actions continue to increase household penetration and fuel our ambition to have Uncrustables sandwiches everywhere. The number 1 SKU in the total freezer aisle is now an Uncrustables sandwich, with two SKUs in the top 10. And, the Uncrustables brand is leading the entire freezer in new buyers for households with kids, Millennials, and Gen