The J. M. Smucker Company (NYSE:SJM) Q2 2020 Earnings Conference Call - Final Transcript

Nov 22, 2019 • 08:30 am ET


The J. M. Smucker Company (NYSE:SJM) Q2 2020 Earnings Conference Call - Final Transcript


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Good morning and welcome to The J. M. Smucker Company's Fiscal 2020 Second Quarter Earnings Conference Call. [Operator Instructions]. At the request of the Company, we will open the conference up for questions-and-answers, after the prepared remarks. Please limit yourself to two questions during the Q&A session, and re-queue if you have additional questions.

I will now turn the conference call over to Aaron Broholm, Vice President, Investor Relations. Please go ahead, sir.

Aaron Broholm

Good morning and thank you for joining us for our fiscal 2020 Second Quarter Earnings Conference Call. After this brief introduction, Mark Smucker, President and CEO will give an overview of the quarter's results and an update on our strategic priorities. Mark Belgya, Vice Chair and CFO, will then provide detailed analysis of the financial results and our updated fiscal 2020 outlook. A Q&A session will follow the prepared remarks. During today's call, we will make forward-looking statements that reflect the Company's 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. I encourage you to read the full disclosure concerning forward-looking statements in this morning's press release, which is located on our corporate website at

Additionally, please note the Company uses non-GAAP results to evaluate performance internally as detailed in the press release. We have posted a supplementary slide deck summarizing the quarterly results and fiscal 2020 full year outlook. The slide can be accessed on our website and will be archived there along with the replay of this call. If you have additional questions after today's call, please contact me.

I will now turn the call over to Mark Smucker.

Mark T. Smucker

Thank you, Aaron. Good morning everyone and thank you for joining us. Before we get into our detailed results, I will begin with the changes to our leadership structure that we announced last week. First, after nearly 35 years at Smucker and 15 years as our Chief Financial Officer, Mark Belgya, announced he will retire on September 1st, 2020.

Mark will be succeeded by Tucker Marshall, our current Vice President of Finance. The transition will begin on Monday as Tucker will become Senior Vice President and Deputy CFO. He will succeed Mark as CFO on May 1st, 2020, following the completion of our current fiscal year. Mark has agreed to stay on as Vice Chair, until his retirement ensuring a seamless transition. Since joining Smucker seven years ago, Tucker has become an integral part of the Smucker organization. He brings significant financial management experience and a deep understanding of the Company. He has the respect and confidence of his colleagues and the Board, and I am looking forward to partnering with him in the years to come.

The second announcement was the evolution of our executive leadership structure. This new structure is designed to improve the execution of our strategy, enhance accountability and streamline decision-making to ensure, we move with speed and agility to deliver on our strategic and financial