J. M. Smucker Guides FY23 Well Below Estimates - Update

While reporting financial results for the fourth quarter on Tuesday, consumer goods company J. M. Smucker Co. (SJM) initiated guidance for adjusted earnings and net sales growth for the full-year 2023.

For fiscal 2023, the company now projects adjusted earnings in a range of $7.85 to $8.25 per share on net sales growth of 3.5 to 4.5 percent. On a comparable basis, net sales are expected to increase approximately 6 percent at the mid-point of the net sales guidance range.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $8.91 per share on a sales growth of 0.9 to $8.01 billion for the year. Analysts' estimates typically exclude special items.

The guidance reflects an estimated unfavorable impact to sales of 2 percent and adjusted earnings per share of $0.90 related to the recall of certain Jif peanut butter products.

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