Plus   Neg

J. M. Smucker Lifts FY Outlook

J. M. Smucker Co. (SJM) on Monday raised its full-year earnings and revenues outlook driven largely by "unprecedented" demand for its food products reflecting stocking up by customers due to ongoing stay-at-home orders enforced to curb the coronavirus pandemic.

Orrville, Ohio-based J.M. Smucker now expects adjusted earnings to exceed the high end of its previous forecast range of $8.10 to $8.30 per share.

The company now expects sales to fall 1% in the fiscal year ending April 30, 2020, compared to its prior forecast for a drop of 3%.

"Unprecedented customer and consumer demand in the company's fourth quarter has improved its fiscal year financial expectations. The anticipated improvement will benefit both GAAP and non-GAAP results," the company said in a statement.

SJM closed Monday's trading at $121.62, up $0.04 or 0.03%, on the NYSE. The stock further gained $1.62 or 1.33% in the after-hours trade.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Pfizer said Friday it reached a multi-year deal with Gilead Sciences to manufacture and supply Gilead's investigational antiviral remdesivir for COVID-19 patients. Ferring Pharmaceuticals US is recalling various nasal sprays citing superpotency or amounts of desmopressin higher than specified, the U.S. Food and Drug Administration announced in a statement. The recall involves all lots on the market of DDAVP Nasal Spray 10 mcg/0.1mL, Desmopressin Acetate Nasal Spray 10 mcg/0.1mL, and STIMATE Nasal Spray 1.5 mg/mL. U.S. President Donald Trump has issued executive orders to ban Chinese mobile application TikTok as well as WeChat, citing a threat to national security and its economy. China's ByteDance Ltd. owns TikTok, a video-sharing mobile app, while Tencent Holdings Ltd. owns WeChat, a messaging, social media, and electronic payment app.
Follow RTT