J.M. Smucker falls after disappointing sales and guidance
J.M. Smucker slipped 7.1% in premarket trading after it reported quarterly sales results that missed Wall Street estimates.
The Uncrustables maker reported earnings per share of $2.31, higher than the $2.24 analysts polled by FactSet were expecting, but sales declined to $2.14 billion, compared to the $2.18 billion analysts had penciled in.
Perhaps most important, however, was Smucker’s gloomy outlook for the full year. The company, which also makes Folgers coffee and Jif peanut butter, said it expects earnings per share for the coming fiscal year of $9.50, compared to the $10.25 analysts were hoping for.
The company has struggled to get its footing after recalibrating its portfolio. In 2023, it divested some of its brands and then acquired Twinkies maker Hostess.
