The Marzetti Company MZTI 2026年第四季度财报电话会议纪要

一、AI总结内容 一、核心要点 1. Marzetti FY26第四季度及全年业绩：FY26终了时净销售额、毛利、营业利润均创纪录，第四季度合并净销售额4.65亿美元，剔除非核心 TSA 销售后调整后净销售额增长0.4%；调整后营业利润增长17.5%，连续12个季度毛利率扩张。 2. 资产负债与现金流：FY26末长期债务约2亿美元（源于Bachan's收购），有效年利率约4.8%；全年经营现金流2.838亿美元，完成28.3亿美元股份回购，股息支付1.088亿美元，连续63年年度股息增长。 3. 2027年增长计划：聚焦三大支柱，Bachan's为核心增长引擎，计划推出新寿司酱、日式 mayo、鸡翅酱等新品，推进供应链简化与聚焦式并购/授权，预计零售销售额受益于新品与提价，Bachan's下半年营收增速将提升。 二、关键财务与运营指标 1. FY26具体指标：第四季度德州公路馆（Texas Roadhouse）相关产品销售额同比增76%，增速超品类平均2倍；New York Bakery 销售额增2.8%，市占率提升220基点；Sister Schubert's rolls 市占率61.7%。 2. FY27业绩指引：预计合并毛利率扩张约100基点，该增长一半来自Bachan's收购的高利润增量，另一半源于风险管理与成本节约；预计营收中个位数增长，零售增、食品服务低中个位数增长。 三、风险与关注点 1. Cyclospora 疫情影响：预计FY27第一季度净销售额将承压约250基点，影响涉及零售与食品服务 segments。 2. 运营挑战：调味品与授权业务存压力，需推进营销与新品恢复增长；调味品板块受管道建设滞后拖累，需聚焦新品与营销改进。 3. 成本与通胀：FY27预计适度通胀，计划通过提价与成本节约抵消；大豆油等大宗商品通胀将对毛利率产生一定稀释影响。 四、战略与协同细节 1. Bachan's整合：进展顺利，预计FY27成为核心增长动力，新增产能投用于新品生产，营销优化将提升新品试用率；整合带来约50基点毛利率增量，含已实现的采购协同。 2. CapEx规划：FY27总资本支出9000万美元，最大部分用于亚特兰大工厂产能扩建，支持Chick-fil-A等业务增长，另有成本节约与基础设施投资。 二、音频原文（转写） The company finished the year with slightly lessthan two hundred million dollars of long term debt on the balance sheet resulting from the Bachan's acquisition. The effective interest rate onthis term loan was approximately four point eig ht percent at June thirtieth. The company's relatively low debt levels and strong cash flow generating capabilities allow for continued investment in the business and the return of funds to shareholders. Our quarterly cash dividend of one dollars per share paid on June 30 represented a 5% increase from prior year's amount. Our enduring streak of annual dividend increases stands at63 years. Our dividend payments for the year totaled $108.8 million. In addition, the company has the financial flexibility to buy back shares. In fiscal '26, the company completed $36.3 million in buybacks, a $28.3 million increase over the prior year. Looking at the full fiscal year. We are pleased to report growth across several metrics. This. Despite a difficult operating environment. reported an adjusted net sales increasedone point one percent and 0.8% respectively. reported in adjusted gross margins increased by 80and a higher basis points respectively. reported an adjusted operating income grew 8.3%. and 4.2 percent respectively. So to wrap up my commentary Our results. demonstrate strong execution across several areas. We continue to invest to support the growth of our business. while returningfunds to shareholders. I'll now turn it back over to Dave for his closing remarks. Thank you. Thanks Tom. Going forward, the Marzetti company will continue to leverage the combined strength of our team our operating strategy and our balance sheet in support of the 3 simple pillars of our growth plan. The one, exactly. accelerate corebusiness growth. two, simplify our supply chainto reduce our cost and grow our margins. and three, expand our core with focused M&A and strategic licensing. As we look ahead to fiscal 2027,in addition to the incremental sales attributedto Boschons, We expect retail sales will benefitfrom new product introductions including New York Bakery, Cheesy, Prakash bread, single serve packs of popular chick-fil-a avocado lime ranch d ressing and the much-anticipated return of the Sister Schubert sausage rolls. Pricing is also inplace to take effect during our fiscal first quarter. which will help offset inflationary cost.specific to the contribution of the Basharns business We project stronger top line growth for Bashan in the back half of the fiscal year. driven by our continued investments in marketing andadvertising to build the brand's awareness and support trial. In addition to building brand awareness, the team is also launching two exciting innovations. First is Bashan's wing sauce, whichwill be produced at our own Horse Cave Kentuckyfacility, crafted by the Bashan's team in conjunction with our culinary team. The wing sauce features craveable tamari base flavors that deliverrich savory depth. The second is Bashan's Japanese mayo that offers a smooth silky umami flavor. We expect the. in addition of the bashan's business to our portfolio to be a key growth driverfor marzetti in fiscal twenty seven. and we'realso pleased to share that the integration of this business remains on track. in the food service segment, we anticipate continued growth from select customers in our mix of national chain restaurant accounts. contractual inflationary pricing will also support the segment sales in the year ahead. external factors including U.S. economic performance and consumer behavior may impactthe demand for our products in fiscal year 2027.Furthermore. We continue to monitor the impactof the Cyclospora outbreak on our business. At this point, we estimate that the outbreak will result in a net sales headwind. of approximately 250 basis points in our fiscal first quarter. with the impact similar for both our retail and ourfood service segments. With respect to input cost in the aggregate, we anticipate a mod