Smucker beats 2Q profit forecasts
ORRVILLE, Ohio (AP) — J.M. Smucker Co. (SJM) on Thursday reported fiscal second-quarter profit of $176 million.
The Orrville, Ohio-based company said it had net income of $1.47 per share. Earnings, adjusted for non-recurring costs, came to $1.62 per share.
The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.52 per share.
The food maker posted revenue of $2.08 billion in the period, which matched Street forecasts.
Smucker expects full-year earnings in the range of $5.70 to $5.80 per share, with revenue expected to be $7.9 billion.
Smucker shares have risen 12 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 1 percent. The stock has risen 11 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SJM at http://www.zacks.com/ap/SJM
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