J. M. Smucker Q3 Profit Decreases, But Beats Estimates - Update

(Adds Outlook)

The J.M. Smucker Co. (SJM) on Tuesday narrowed its full-year revenue growth outlook to down 1.5%- 0.5% from down 1%-0% citing pandemic-induced supply chain issues and cost inflation continues to impact financial results.

On average, 17 analysts polled by Thomson Reuters expect the company to report sales growth of down 0.2%.

Further, J.M. Smucker expects adjusted EPS to be in the range of $8.35 - $8.65 in 2022 compared with $8.35 - $8.75 provided earlier. The consensus estimate stands at $8.57 per share.

For the third quarter, the company reported earnings that decreased from the same period last year but beat the Street estimates.

Its earnings totaled $69.7 million, or $0.64 per share. This compares with $261.5 million, or $2.32 per share, in last year's third quarter.

Excluding items, The J. M. Smucker Company reported adjusted earnings of $252.5 million or $2.33 per share for the period.

Analysts on average had expected the company to earn $2.09 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 1.0% to $2.06 billion from $2.08 billion last year.

The J. M. Smucker Company earnings at a glance (GAAP) :

-Earnings (Q3): $69.7 Mln. vs. $261.5 Mln. last year.
-EPS (Q3): $0.64 vs. $2.32 last year.
-Analyst Estimates: $2.09
-Revenue (Q3): $2.06 Bln vs. $2.08 Bln last year.

Full year EPS guidance: $8.35 - $8.65

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