SJM Stock Up On Upbeat Quarter

Shares of J. M. Smucker Co. (SJM) are rising over 4% Tuesday morning, after the company reported upbeat Q4 results. The stock, which has been trading between $118.55 and $146.74 for the past one year, is currently trading at $128.34, up $5.08 or 4.12%, with trading volume of over 418K versus an average volume of 889K shares.

The company's Q4 net income was $202.1 million, or $1.87 per share, compared to $147.0 million, or $1.35 per share, last year. Excluding items, SJM reported adjusted earnings of $240.1 million or $2.23 per share for the period. Revenue rose 5.7% to $2.03 billion from $1.92 billion last year.

Analysts polled by Thomson Reuters expected earnings of $1.88 per share on revenue of $1.98 billion for the quarter. Analysts' estimate typically exclude certain special items.

Also, the consumer goods company 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 - $8.25 per share on net sales growth of 3.5 - 4.5 percent. On a comparable basis, net sales are expected to increase about 6 percent at the mid-point of the net sales guidance range.

Wall Street analysts look for earnings of $8.91 per share on a sales growth of 0.90% to $8.01 billion for the year.

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

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