The J. M. Smucker Company (NYSE:SJM) Q1 2021 Earnings Conference Call - Final Transcript

Aug 25, 2020 • 08:30 am ET


The J. M. Smucker Company (NYSE:SJM) Q1 2021 Earnings Conference Call - Final Transcript


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Good morning and welcome to The J. M. Smucker Company's Fiscal 2021 First Quarter Earnings Conference Call. This conference is being recorded and all participants are in a listen-only mode. We will open the conference up for question 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 over to Aaron Broholm, Vice President, Investor Relations. Aaron, please go ahead sir.

Aaron Broholm

Good morning and thank you for joining us for our fiscal 2021 first 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 initiatives and fiscal year priorities. Tucker Marshall, CFO, will then provide detailed analysis of the financial results and our fiscal 2021 outlook.

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. The slides can be accessed on our website and will be archived there along with a 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. Our nation, families, and colleagues have experienced unprecedented events and challenges over the past six months. The COVID-19 pandemic has upended our way of life and societal awareness about racial injustice has been magnified. Companies, like ours, as corporate citizens have a responsibility to lead and act to help overcome these challenges. I am proud of our employees who have served our constituents, produced record volumes, while maintaining high quality and safety standards and delivered exceptional results, all amidst many personal sacrifices. I am incredibly thankful for their dedication and continued commitment to each other and our shared values.

At Smucker, we pride ourselves on living and applying our basic beliefs, which include people and ethics, as guide posts for everything we do. We advocate for the mutual respect of every individual while remaining steadfast in our commitment to a positive and inclusive work environment for everyone.

With our shared values and history as a foundation, we know more needs to be done, which is why we have accelerated our inclusion and diversity efforts with several new initiatives including, signing the CEO Action for Diversity & Inclusion pledge to show our support for marginalized groups, introducing unconscious bias training for our employees, committing $500,000 to organizations that advocate for inclusion, racial Justice, and the advancement