UPDATE: Smucker Reports Decline In FQ2 Earnings

The J.M. Smucker Co

reported a decline in its fiscal second-quarter earnings. Smucker's quarterly earnings dropped to $127.2 million, or $1.12 per share, from $149.7 million, or $1.25 per share, in the year-earlier period. Its sales climbed 18% to $1.5 billion. On an adjusted basis, Smucker earned $1.29 per share. However, analysts were projecting earnings of $1.39 per share on sales of $1.5 billion. For the fiscal year, Smucker expects adjusted earnings of $4.90 to $5 per share, versus analysts' estimates of $5.11 per share. Smucker shares fell 0.04% to close at $73.15 yesterday.