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J. M. Smucker Cuts 2018 Outlook

J. M. Smucker Co. (SJM) said it updated its full-year outlook to reflect the impact of the divested U.S. Baking business on August 31, 2018. In addition, the net sales guidance reflects lower pricing and competitive activity, primarily in coffee and peanut butter.

For 2018, the company now expects adjusted earnings per share to be in the range of $8.00 - $8.20, compared to the prior outlook of $8.40 - $8.65. Analysts polled by Thomson Reuters expect the company to report earnings of $8.41 per share for 2018. Analysts' estimates typically exclude special items.

The company cuts fiscal year 2018 net sales outlook to $7.9 billion from the prior estimation of $8.0 billion. Analysts expect annual revenue of $7.91 billion.

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