Plus   Neg

Stock Alert: J. M. Smucker Climbs 8% On Upbeat Q1 Results, Outlook

Shares of J M Smucker Inc. (SJM) are gaining almost 8 percent or $8.97 in Tuesday's morning trade at $121.96, after the food products maker reported better-than-expected financial results for the first quarter and also raised its outlook for fiscal 2021.

Tuesday, J M Smucker reported first-quarter net income of $237.0 million or $2.08 per share, up from $154.6 million or $1.36 per share in the year-ago period. Adjusted earnings were $2.37 per share, while analysts polled by Thomson Reuters excepted earnings of $1.67 per share.

Net sales for the quarter grew 11 percent to $1.97 billion from $1.78 billion last year. The Street expected revenue of $1.81 billion.

For fiscal 2021, the company now expects adjusted earnings per share in a range of $8.20 to $8.60, up from the prior guidance range of $7.90 to $8.30 per share. Net sales are now anticipated to range from flat to up 1 percent compared to the prior year. Previously, the company projected net sales to decline in a range of 2 percent to 1 percent. Analysts expect earnings of $8.16 per share for the year.

J M Smucker has traded in a range of $91.88 to $122.49 in the past 52 weeks.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
CVS Health Corp. is hiring 15,000 employees across the U.S. in the fourth quarter to better equip them to tackle the anticipated rise in COVID-19 and flu incidences during the fall and winter months. This is in addition to the recruitment announced in March to fill 50,000 new full-time, part-time and temporary roles across the country in support of the company's response to the pandemic. Ireland's Data Protection Commissioner or DPC, the European Union's main data privacy regulator, is investigating Facebook over its handling of millions of children's personal data on Instagram, reports said. The agency has started two separate inquiries regarding information that email addresses and phone numbers of users under 18 were made public by the Facebook-owned app. ConocoPhillips (COP) and Concho Resources (CXO) announced Monday that they have entered into a definitive agreement to combine companies in an all-stock transaction valued at $9.7 billion. The transaction creates a company with an approximately $60 billion enterprise value and a combined resource...
Follow RTT