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JM Smucker (NYSE:SJM) shares are trading lower after the company reported worse-than-expected first-quarter EPS and sales results. The company also cut fiscal year 2020 EPS guidance.
JM Smucker reported quarterly earnings of $1.58 per share, which missed the analyst consensus estimate of $1.74 by 9.2%. This is a 11.24% decrease over earnings of $1.78 per share from the same period last year.
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The company reported quarterly sales of $1.779 billion, which missed the analyst consensus estimate of $1.87 billion by 4.87%. This is a 6.52% decrease over sales of $1.903 billion the same period last year.
J. M. Smucker cut fiscal year 2020 EPS guidance from $8.45-$8.65 to $8.35-$8.55 versus the $8.47 estimate.
"Our first quarter performance fell short of our expectations primarily due to the timing of shipments and deflationary pricing in the coffee and peanut butter categories, as well as competitive activity in the premium dog food category," said Mark Smucker, CEO of JM Smucker in a statement.
JM Smucker shares were trading down 5.16% at $107.10 in Tuesday’s pre-market session. The stock has a 52-week high of $128.43 and a 52-week low of $91.32.
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Photo credit: m01229, Flickr
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.