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Smucker Falls On Q1 Earnings Miss, Guidance Cut

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Smucker Falls On Q1 Earnings Miss, Guidance Cut

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.

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

Posted-In: Earnings News Guidance Pre-Market Outlook Best of Benzinga

 

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