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J.M. Smucker Lowers FY20 Outlook - Quick Facts

While reporting its financial results for the second quarter on Friday, J. M. Smucker Co. (SJM) lowered its outlook for fiscal 2020 adjusted earnings, net sales growth and comparable sales growth.

The company noted that the revised outlook includes the impact of the second-quarter sales results and greater than anticipated softness in the back half of the fiscal year, primarily for certain brands within the U.S. Retail Pet Foods segment.

For fiscal 2020, J. M. Smucker now projects adjusted earnings in a range of $8.10 to $8.30 per share on a 3 percent decrease in net sales. Earlier, the company expected adjusted earnings of $8.35 to $8.55 per share on net sales in a range between a decline of 1 percent and flat.

The net sales outlook includes the loss of $105.9 million of sales in the first four months of fiscal 2019 related to the divested U.S. baking business and $25.4 million of incremental non-comparable sales for Ainsworth.

On a comparable basis, full-year net sales are now expected by the company to be down 2 percent, compared to the prior forecast for net sales to range from flat to up 1 percent.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $8.27 per share for the year on a sales decrease of 1.7 percent to $7.71 billion. Analysts' estimates typically exclude special items.

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