Before the opening bell on Friday, J. M. Smucker (SJM ) reported lower third quarter results, but beat analysts’ estimates.
SJM's Earnings in Brief
- The company reported earnings of $160.9 million, or $1.58 per share, down from $166.7 million, or $1.59 per share, a year ago.
- Excluding special items, earnings were $1.54 per share – above analysts’ view of $1.51 per share.
- Net sales declined 2% to $1.44 billion from $1.47 billion last year. Analysts expected to see revenue of $1.47 billion.
- Looking forward, the company expects to see Q4 earnings between $5.45 and $5.65 per share. Analysts expect EPS of $5.55.
SJM’s CEO Richard Smucker commented: “While we are pleased with the momentum in many of our businesses, our U.S. Retail Coffee business continued to be challenged, which impacted our third quarter performance. In the near term, we expect results for the coffee segment to remain soft reflecting continued competitive dynamics, which we are addressing responsibly to ensure the long-term health of our brands.”
SJM will pay its next 64 cent dividend on March 2. The stock went ex-dividend on February 11. We expect the company to declare its next dividend in April.
Shares of SJM were down $1.39, or 1.24%, during pre-market trading Friday. The stock is up 11.3% YTD.