J.M. Smucker Suffers 7% Decline In Sales

By Markets MarketWatch Pulse

J.M. Smucker reported mixed first-quarter earnings results on Tuesday. The company reported net income of $170 million, or $1.46 a share, compared with $136 million, or $1.14 a share, in the year-earlier period. Excluding one-time costs, the company said it earned $1.86 a share, beating average expectations on Wall Street of $1.74 a share, according to FactSet. Revenue for the period fell 7% year-over-year to $1.8 billion from $1.95 billion last year, missing the consensus estimate of $1.9 billion. The company reiterated a fiscal 2017 earnings per share guidance range of $7.60 to $7.75 a share, compared with analyst expectations of $7.70, but lowered its comparable sales estimate slightly, now expecting them to be flat or down 1%, versus an increase of 1% previously. Shares of J.M. Smucker rose 0.2% in premarket trade on light volume. They've risen 23% in the past three months and 42% in the past year. The S&P 500 , meanwhile, has risen 6.5% and 10.7% in the past three and 12 months.

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