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Market Overview

J M Smucker Stock Falls After Slashing FY22 EPS Outlook

J M Smucker Stock Falls After Slashing FY22 EPS Outlook
  • J M Smucker Co (NYSE: SJMreported a first-quarter FY22 sales decline of 6% year-on-year, to $1.86 billion, beating the analyst consensus of $1.77 billion.
  • Net sales from U.S. retail pet foods declined 6% Y/Y, U.S. retail coffee fell 5%, and U.S. retail consumer foods declined 11%.
  • Gross profit fell 18% Y/Y to $639.4 million, with the margin shrinking 490 basis points to 34.4%.
  • Adjusted operating income declined 20% Y/Y to $323.4 million. Adjusted operating margin contracted 310 basis points to 17.4%.
  • The company held $168.8 million in cash and equivalents as of July 31, 2021.
  • Cash provided by operating activities totaled $137.8 million with a free cash flow of $69.8 million.
  • Adjusted EPS of $1.90 beat the analyst consensus of $1.84.
  • "Our industry continues to navigate a period of significant supply chain volatility, disruption, and cost inflation. In the near term, we expect to experience higher raw material and logistics cost increases," said CEO Mark Smucker.
  • Outlook: J M Smucker has cut the FY22 EPS outlook to $8.25 - $8.65 (prior $8.70 - $9.10) versus the consensus of $8.84.
  • It sees Net sales to decline 2.5%-1.5% Y/Y (prior outlook for decline 3%-2%).
  • Price Action: SJM shares are trading lower by 2.69% at $123.85 on the last check Thursday.

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