{"id":130296,"date":"2022-11-21T13:57:26","date_gmt":"2022-11-21T13:57:26","guid":{"rendered":"https:\/\/fin2me.com\/?p=130296"},"modified":"2022-11-21T13:57:26","modified_gmt":"2022-11-21T13:57:26","slug":"j-m-smucker-boosts-fy23-outlook-as-q2-results-top-estimates","status":"publish","type":"post","link":"https:\/\/fin2me.com\/economy\/j-m-smucker-boosts-fy23-outlook-as-q2-results-top-estimates\/","title":{"rendered":"J. M. Smucker Boosts FY23 Outlook As Q2 Results Top Estimates"},"content":{"rendered":"

Consumer goods company J. M. Smucker Co. (SJM) reported Monday that profit for the second quarter declined seven percent from last year, hurt by lower margins, despite high single digit sales growth. However, both adjusted earnings per share quarterly net sales topped analysts’ estimates. The company also raised its financial guidance for the full-year 2023.<\/p>\n

The company noted that financial results for the latest quarter also reflect the divestitures of the natural beverage and grains businesses on January 31, 2022, and the private label dry pet food business<\/span> on December 1, 2021.<\/p>\n

In pre-market activity on the NYSE, J. M. Smucker shares were surging $7.86 or 5.38 percent to trade at $154.00.<\/p>\n

“We delivered organic top-line growth across all of our businesses, driven by the strength of our portfolio, and our ability to recover cost inflation and manage our supply chain environment,” said Mark Smucker, Chair of the Board, President and CEO.<\/p>\n

For the second quarter, net income declined to $191.1 million or $1.79 per share from $206.0 million or $1.90 per share in the prior-year quarter.<\/p>\n

Excluding items, adjusted net income for the quarter was $256.2 million or $2.40 per share, compared to $263.8 million or $2.43 per share in the year-ago quarter.<\/p>\n

On average, 11 analysts polled by Thomson Reuters expected the company to report earnings of $2.19 per share for the quarter. Analysts’ estimates typically exclude special items.<\/p>\n

Net sales for the quarter grew 8 percent to $2.21 billion from $2.05 billion in the same quarter last year. Net sales, excluding divestitures and foreign currency exchange, also improved 11 percent. Analysts expected net sales of $2.17 billion for the quarter.<\/p>\n

U.S. Retail Pet Foods net sales grew 9 percent to $765.2 million, U.S. Retail Coffee net sales improved 10 percent to $709.8 million and International and Away From Home net sales increased 14 percent to $297.9 million, while U.S. Retail Consumer Foods net sales decreased 2 percent to $432.2 million from last year.<\/p>\n

Gross margin declined 290 basis points to 31.8 percent, reflecting reduced contribution from volume\/mix and the noncomparable impact of the divested natural beverage and grains businesses.<\/p>\n

Looking ahead to fiscal 2023, the company now projects adjusted earnings in a range of $8.35 to $8.75 per share on net sales growth of 5.5 to 6.5 percent. On a comparable basis, net sales are expected to increase approximately 8 percent at the mid-point of the net sales guidance range.<\/p>\n

Previously, the company expected adjusted earnings in a range of $8.20 to $8.60 per share on net sales growth of 4 to 5 percent. On a comparable basis, net sales were expected to increase approximately 6.5 percent at the mid-point of the net sales guidance range.<\/p>\n

The Street is looking for earnings of $8.49 per share on a sales growth of 4.6 percent to $8.37 billion for the year.<\/p>\n

The company noted that ongoing cost inflation, volatility in supply chains and the overall macroeconomic environment continue to impact financial results and cause uncertainty and risk for the fiscal year 2023 outlook.<\/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":"

Consumer goods company J. M. Smucker Co. (SJM) reported Monday that profit for the second quarter declined seven percent from last year, hurt by lower […]<\/p>\n","protected":false},"author":3,"featured_media":130295,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"yoast_head":"\nJ. M. Smucker Boosts FY23 Outlook As Q2 Results Top Estimates - Fin2me<\/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:\/\/fin2me.com\/economy\/j-m-smucker-boosts-fy23-outlook-as-q2-results-top-estimates\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"J. M. Smucker Boosts FY23 Outlook As Q2 Results Top Estimates - Fin2me\" \/>\n<meta property=\"og:description\" content=\"Consumer goods company J. 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