J.M. Smucker Q3 Sales Rise 7% to $2.34B, Appoints Two Elliott-Backed Directors
J.M. Smucker delivered third-quarter net sales of $2.34 billion, up 7% year-over-year, with adjusted EPS of $2.38 beating estimates by $0.11. It narrowed fiscal 2026 net sales growth outlook to 3.5–4.0%, maintained EPS guidance of $8.75–$9.25 and added two independent directors after an Elliott settlement.
1. Strong Q3 Performance
J.M. Smucker reported third-quarter net sales of $2.34 billion, a 7% increase year-over-year, driven by higher net pricing in coffee and Uncrustables sandwiches. Adjusted earnings per share reached $2.38, topping forecasts by $0.11, while net sales excluding divestitures and foreign currency exchange rose 8%.
2. Updated Fiscal 2026 Guidance
The company narrowed its fiscal 2026 net sales growth outlook to 3.5–4.0%, down from its prior 3.5–4.5% range, reflecting the estimated impact of a February fire at its Emporia, Kansas manufacturing facility. Annual adjusted EPS guidance remains at $8.75–$9.25, with expectations for approximately $975 million in free cash flow and $325 million in capital expenditures.
3. Activist Agreement Spurs Board Changes
Under the settlement with activist investor Elliott Investment Management, J.M. Smucker appointed NRG CFO Bruce Chung and former Snyder’s-Lance CEO David Singer to its board. These additions bring financial and food industry expertise aimed at supporting the company’s strategic initiatives and long-term value creation.