Shares of J.M. Smucker (SJM) flirted with a 52-week low on Friday after the company fell short of third-quarter expectations and lowered its full-year earnings guidance.

The maker of Jif peanut butter, Smucker jelly and Folgers coffee reported net income of $166.7 million, or $1.59 a share. While that's up 8% year-over-year, adjusted earnings of $1.66 were two pennies below average analyst estimates in a Thomson Reuters poll.

Revenue for the three months ended Jan. 31 fell 6% to $1.47 billion, missing the Street’s view of $1.53 billion amid lower selling prices for certain products. 

"We continue to navigate through a challenging operating environment,” Smucker CEO Richard Smucker said in a statement.

The company said those challenges will continue into the fourth quarter. It lowered its full-year non-GAAP earnings range to between $5.55 and $5.60 a share from an earlier $5.72 to $5.82 on a 5% decline in sales.

Analysts on average are calling for in-line earnings of $5.78 a share on sales of $5.78 billion

Shares of Smucker were off 6.3% to $89.10 in recent trade.

Despite the challenge, Smucker said it views much of the quarterly disappointments as “near-term issues” that can be resolved and remains optimistic about its growth prospects for the new fiscal year. 

“Our innovation pipeline is extensive and our new products are winning with customers,” Smucker said. “We continue to optimize our supply chain which, over time, improves our cost structure, margins, and cash flow, and positions us for future growth."

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