UPDATE: Smucker Posts 3.1% Rise In FQ2 Earnings, Lowers Sales Outlook

J.M. Smucker Co SJM reported a 3.1% rise in its fiscal second-quarter earnings and cut its sales forecast for the year. Smucker now expects sales to drop around 2% versus last year, versus its previous outlook for a 1% decline. Smucker's quarterly profit gained to $153.4 million, or $1.46 per share, from a year-ago profit of $148.8 million, or $1.36 per share. Excluding one-time items, it earned $1.52 per share. Its sales dropped 4.2% to $1.56 billion. However, analysts were expecting earnings of $1.60 per share on sales of $1.61 billion. Smucker's gross margin rose to 35.4% from 33.3%. Smucker shares closed at $108.59 yesterday.