J.M. Smucker sees smaller-than-expected annual sales decline, shares rise
SJM•Shares rise after outlook update
- Shares of Folgers coffee maker J.M. Smucker SJM.N were up about 4% at $130 premarket.
- The company forecast a smaller-than-expected annual sales decline, benefiting from steady demand for its ready-to-eat meals and coffee.
- SJM expects annual net sales to decrease by 1% to 2% versus a prior forecast of a 3% to 4% decline.
- The company raised its annual EPS forecast to between $10.50 and $11 from a prior expectation of $9.75 to $10.25, aided by tariff related refunds.
- It posted quarterly gross profit of $504.9 million, which included tariff refunds of $115.0 million.
- J.M. Smucker reported first-quarter net sales of $2.22 billion, beating analysts' average estimate of $2.13 billion, according to data compiled by LSEG.
- Excluding tariff refunds, the company logged adjusted EPS of $3.24, slightly surpassing estimates of $2.22.
- As of the last close, SJM was up 28% year to date.
