J. M. Smucker Co. (SJM), a maker of food and beverage products, reported Tuesday that its second-quarter net income grew 2 percent to $194.9 million from last year's $191.1 million.
Earnings per share were $1.90, up 6 percent from last year's $1.79. Adjusted earnings per share were $2.59, compared to $2.40 a year ago.
Analysts on average had expected the company to earn $2.47 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
Net sales decreased 12 percent to $1.94 billion from prior year's $2.21 billion. Net sales excluding the divestiture and foreign currency exchange increased 7 percent. The Street was looking for sales of $1.95 billion for the quarter.
Looking ahead for fiscal 2024, the company updated its financial outlook, which reflects the acquisition of Hostess Brands, Inc.
Adjusted earnings per share is now expected to range between $9.25 and $9.65, compared to previous estimate of $9.45 to $9.85. Analysts estimate earnings of $9.48 per share for the year.
Net sales are expected to decrease 3.0 to 3.5 percent compared to the prior year, reflecting approximately $8.25 billion at the mid-point of the guidance range.
Comparable net sales are now expected to increase 8.5 to 9.0 percent, compared to prior estimate of 8.5 percent - 9.5 percent.
In pre-market activity on the NYSE, J.M. Smucker shares were trading at $116.18, up 3.3 percent.
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