CreditSights logo
Forgot Password?

J.M. Smucker

J.M. Smucker is a leading marketer and manufacturer of food products, including retail packaged coffee, peanut butter, fruit spreads, shortening and oils, baking mixes and ready-to-spread frostings, canned milk, flour and baking ingredients, juices and beverages, pet food and more. The company has four reportable segments: U.S. Retail Coffee, U.S. Retail Consumer Foods, U.S. Retail Pet Foods, and International, Foodservice, and Natural Foods. U.S. Retail Coffee primarily represents domestic sales of Folgers and Dunkin' Donuts branded coffe. U.S. Retail Consumer Foods primarily includes domestic sales of Crisco, Jif, Smucker's, and Pillsbury branded products. U.S. Retail Pet Foods primarily includes domestic sales of Meow Mix, Milk-Bone, Kibble 'n Bits, Natural balance, 9Lives, Pup-Peroni, Gravy Train, Nature's Recipe, and Rachel Ray branded products. The US Retail Pet Foods segment was created in 2015 after SJM acquired Big Heart Pet Brands, a leading pet food and pet snacks company, for $5.9 billion. (21 Sep 2018)

Search Results

Excerpts only. To access full content please login or request a free trial.

US Employment: Modest Gains for Jobs & Wages

Sector Analysis: 09 Dec 2018, 9:01 PM ET - Payrolls and wages both took a step back in November.  We highlight this months employment data and discuss the possibility for manufacturing, construction, and mining employment to lead a 2019 deceleration in jobs growth.

IG European Consumer 2019: Known Unknowns

Sector Outlook: 06 Dec 2018, 10:03 PM ET - We have updated our frameworks for assessing RV in our high grade/crossover European food & bev/HPC and retail names for 2019, the 500th anniversary of the death of Leonardo da Vinci. We also initiate coverage on Molson Coors.

US Income & Spending: Strong Start to 4Q Spending

Strategy Analysis: 30 Nov 2018, 4:37 AM ET - October consumer data delivered above expectations with strong real spending, solid income, and soft inflation.  We dig into the details and highlight strong growth in discretionary spending categories.
Focused

J.M. Smucker F2Q19: Weakness at Core

Earnings Note: 28 Nov 2018, 4:40 PM ET - Coffee margin improvement was a plus, but the core results for the pet and consumer food businesses were weak at the margin. Plans to step up marketing spend portend additional margin pressure in the near-term. 

Consumer Pulse: Holiday Sales Update & More

Sector Analysis: 28 Nov 2018, 4:11 AM ET - Consumer holiday spending viewed through the e-commerce lens looks to be off to a strong start. The consumer economy has a mix of puts and takes, ranging from rising mortgage rates to falling prices at the pump.

US Employment: Almost Full, Keeps Eating

Strategy Analysis: 05 Nov 2018, 5:16 AM ET - Employment growth bounced back in October with a strong 250k print.  Wage growth hit a new high, but its gradual acceleration coupled with the strong job growth trend makes us question what full employment looks like.

US Productivity Is A Small Offset To Labor Costs

Sovereign Analysis: 02 Nov 2018, 5:38 AM ET - We break down 2 separate pieces of 3Q economic data that show while labor costs continue to rise, controlling for productivity growth gives a rosier picture. 

PCE Deflator: Steady in September

Worth Watching: 29 Oct 2018, 10:19 PM ET - PCE Deflator: The September income & outlays report showed another mild month for consumer price gains. The headline all-items index increased by 0.1% MoM, bringing the YoY rate to 2.0%, down from its July peak of 2.3%. The core PCE deflator (e ..

US GDP: Consumers Show Up Again

Strategy Analysis: 29 Oct 2018, 5:06 AM ET - 3Q US GDP beat expectations with a strong performance by the US consumer, inventory growth, and government spending offsetting weak trade, residential investment, and capex.

US Inflation: Consumer Prices Eke Out Another Gain

Strategy Analysis: 11 Oct 2018, 10:35 PM ET - The September consumer price index report showed weaker price gains than expected for the second consecutive month. 

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

US Employment: 3.0% Wage Growth on the Horizon

Strategy Analysis: 05 Oct 2018, 12:24 PM ET - September nonfarm payrolls disappointed on the headline number, but under the surface, the report was solid.  Wages posted another strong gain and are just one tick away from the 3.0% YoY milestone.

US Income & Spending: Consumption Stays On Track

Strategy Analysis: 01 Oct 2018, 6:11 AM ET - The August income & spending report contained another solid reading for consumer spending, continued income growth, and modest inflation. We dig into the pricing environment for a few discretionary spending categories.

US Employment: Finally, A Wage Growth Surprise

Strategy Analysis: 07 Sep 2018, 4:06 PM ET - The August employment report contained the long-awaited breakout in wage growth to a new cycle high. Payroll growth was also solid, and we highlight our outlook for it going forward.

US Income & Spending: Inflation Momentum Fading?

Strategy Analysis: 30 Aug 2018, 2:43 PM ET - July consumer spending and income increased largely as expected, providing a solid start to 3Q spending. The core PCE deflator hit the Fed’s 2.0% target. We highlight that the recent inflation data have cooled some from earlier this year.
Focused

J.M. Smucker F1Q19: Sales Rise, Margins Compress

Worth Watching: 21 Aug 2018, 9:16 PM ET - J.M. Smucker F1Q19 (Baa2/BBB) reported an 8.8% YoY increase in F1Q19 net sales, driven by the recent acquisition of Ainsworth Pet Nutrition (see J.M. Smucker: Expands Pet Biz w/ $1.9 bn Deal). On a same-store basis sales declined 1% due to lower ..

Consumer/Pharma: Cross-Sector Rel Val Analysis

Sector Analysis: 19 Jul 2018, 4:27 AM ET - In this report, we juxtapose OAS and leverage levels across on-the-run non-cyclical credits in the F&B and Pharma space. M&A has elevated leverage for several names, so we aim to help investors find the best spread while managing risk.

July Beige Book: Tariffs Front & Center

Sector Analysis: 19 Jul 2018, 4:26 AM ET - We parse the July Beige Book for anecdotes on the impact of tariffs. It’s clear they’re contributing to rising input costs across the US.
Focused

J.M. Smucker: Sells U.S. Baking Business

Worth Watching: 09 Jul 2018, 10:13 PM ET - J.M. Smucker (Baa2/BBB) announced that it entered an agreement to sell its U.S. baking business, which accounts for ~5% of revenue, to Brynwood Partners for $375 million. SJM had been rumored to be exploring a sale of the business, which includ ..

June 2018 US Company Recommendation Changes

US Company Recommendation Changes: 01 Jul 2018, 9:55 PM ET - Our monthly report provides executive summaries for the thirteen company recommendation changes made on North American companies during the month of June.

Request A Free Trial

CreditSights offers free trials to individuals in qualified institutions.

Sign up now >>

Reports

Sector

Refine Results