{"id":135084,"date":"2023-12-05T13:59:33","date_gmt":"2023-12-05T13:59:33","guid":{"rendered":"https:\/\/myfintale.com\/?p=135084"},"modified":"2023-12-05T13:59:33","modified_gmt":"2023-12-05T13:59:33","slug":"j-m-smucker-q2-profit-up-tops-estimates-cuts-fy24-outlook-stock-up-in-premarket","status":"publish","type":"post","link":"https:\/\/myfintale.com\/economy\/j-m-smucker-q2-profit-up-tops-estimates-cuts-fy24-outlook-stock-up-in-premarket\/","title":{"rendered":"J.M. Smucker Q2 Profit Up, Tops Estimates; Cuts FY24 Outlook; Stock Up In Premarket"},"content":{"rendered":"

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

Looking ahead for fiscal 2024, the company updated its financial outlook, which reflects the acquisition of Hostess Brands, Inc.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

In pre-market activity on the NYSE, J.M. Smucker shares were trading at $116.18, up 3.3 percent.<\/p>\n

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com. <\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/a><\/p>\n<\/div>","protected":false},"author":3,"featured_media":135083,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"yoast_head":"\nJ.M. Smucker Q2 Profit Up, Tops Estimates; Cuts FY24 Outlook; Stock Up In Premarket - my finance tale<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/myfintale.com\/economy\/j-m-smucker-q2-profit-up-tops-estimates-cuts-fy24-outlook-stock-up-in-premarket\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"J.M. 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