Consumer goods company J. M. Smucker Co. (SJM) reported Monday that profit for the second quarter declined seven percent from last year, hurt by lower margins, despite high single digit sales growth. However, both adjusted earnings per share quarterly net sales topped analysts' estimates. The company also raised its financial guidance for the full-year 2023.
The company noted that financial results for the latest quarter also reflect the divestitures of the natural beverage and grains businesses on January 31, 2022, and the private label dry pet food business on December 1, 2021.
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