Shares of J.M. Smucker Co.

jumped 3.7% toward a six-year high in premarket trading Monday, after the consumer and pet foods company, which brands including Folgers, Jif and Milk-Bone, reported fiscal second-quarter profit and sales that beat expectations and raised its full-year outlook, as a 17 percentage point in price realization helped offset a 6-point decline in volume and mix. Net income for the quarter to Oct. 31 fell to $191.1 million, or $1.79 a share, from $206.0 million, or $1.90 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $2.40 beat the FactSet consensus of $2.18. Sales grew 7.6% to $2.21 billion, above the FactSet consensus of $2.17 billion. Cost of products sold rose more than sales, up 12.4% to $1.50 billion, as gross margin contracted to 31.8% from 34.7%. For fiscal 2023, the company raised its guidance ranges for adjusted EPS to $8.35 to $8.75 from $8.20 to $8.60 and for sales growth to 5.5% to 6.5% from 4% to 5%. The stock has gained 4.6% over the past three months through Friday, while the S&P 500

has lost 6.2%.

Source link

You May Also Like

Majority of Twitter users want Trump reinstated after 15M vote in Musk poll

Elon Musk rolled out a Twitter poll and users overwhelmingly responded. In…

Three of the World’s Top Research Institutions Join Forces to Drive Progress Against Pediatric Cancer

Newswise — (Boston, MA, and Memphis, TN – October 13, 2022) The…

How to improve performance in Pokémon Scarlet and Violet

Despite receiving quite a bit of praise for its open-world design, Pokémon…

Boris Johnson’s flight tracked by thousands as he eyes U.K. PM return

Boris Johnson has arrived back in the U.K. as the Conservative Party…

Italian film legend Gina Lollobrigida dies at age 95

ROME — Italian film legend Gina Lollobrigida, who achieved international stardom during…

Tech Layoffs Set the Clock Ticking for Foreign Workers

Neha had been working at a start-up in Seattle for seven months…