UPDATE: Smucker Posts Downbeat Q3 Results, Lowers FY14 Outlook

J.M. Smucker Co

reported downbeat third-quarter results and lowered its full-year forecast. Smucker lowered its earnings guidance to $5.55 to $5.60 per share, versus its earlier forecast of $5.72 to $5.82 per share. Smucker's quarterly earnings rose to $166.7 million, or $1.59 per share, versus $154.2 million, or $1.42 per share, in the year-ago quarter. Excluding special items, it earned $1.66 per share. Its sales slipped 6% to $1.47 billion. However, analysts were expecting earnings of $1.68 per share on revenue of $1.53 billion. Smucker's gross margin rose to 37.2% versus 34.4%. Smucker shares closed at $95.14 yesterday.