J.M. Smucker’s stock tumbles after profit and sales miss, downbeat earnings outlook
Shares of J.M. Smucker Co. tumbled 7.1% toward a 3 1/2-year low in premarket trade Thursday, after the food and beverage company reported fiscal fourth-quarter profit and sales that missed expectations, and provided a downbeat earnings outlook. Net income for the quarter to April 30 rose to $185.9 million, or $1.64 a share, from $110.4 million, or 96 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share of $1.93 missed the FactSet consensus of $2.19. Sales slipped to $1.781 billion from $1.784 billion, below the FactSet consensus of $1.80 billion, as declines in the oils, peanut butter and baking categories, which was partially offset by gains in coffee, led to lower volume and mix. For fiscal 2019, the company, which brands include Smuckers, Folgers, Crisco and Kibbles ‘n Bits, said it expects adjusted EPS of $8.40 to $8.65, below the FactSet consensus of $9.18. The stock had lost 14.3% year to date through Wednesday, while the S&P 500 had gained 3.7%.