Smucker misses Street 1Q forecasts
ORRVILLE, Ohio (AP) — J.M. Smucker Co. (SJM) on Wednesday reported earnings of $116 million in its fiscal first quarter.
The Orrville, Ohio-based company said it had profit of $1.14 per share. Earnings, adjusted for non-recurring costs, came to $1.34 per share.
The results did not hit Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $1.37 per share.
The company posted revenue of $1.32 billion in the period, which also missed Street forecasts. Analysts expected $1.36 billion, according to Zacks.
Smucker released its full-year outlook, with annual earnings per share expected to be in the range of $5.95 to $6.05.
Smucker shares have declined slightly since the beginning of the year, while the Standard & Poor's 500 index has climbed 7 percent. The stock has decreased 5 percent in the last 12 months.
This story was generated automatically by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Full SJM report: http://www.zacks.com/ap/SJM