Fruit Spread Company J.M. Smucker Gives Downbeat 2017 Forecast After Q3 Sales Fall Short

Shares of J.M. Smucker Co. fell 2.8% in light premarket trade on Friday after the food and fruit spread company reported fiscal third-quarter sales that missed Wall Street expectations. Net income for the quarter was $134.6 million, or $1.16 per share, compared with $185.3 million, or $1.55 per share during the same quarter a year ago. Adjusted earnings per share were $2.00, which was in line with FactSet's consensus. J.M. Smucker sales hit $1.88 billion, down from $1.97 billion during the year-earlier period, and below FactSet's $1.92 billion consensus. The company said it expects 2017 sales to decrease 5% from fiscal 2016, excluding divestiture, net sales are forecast to decrease 3%. J.M. Smucker had previously forecast a 0% to 1% decrease in net sales. The company also said full year 2017 EPS should fall in the range of $7.60 to $7.70. Analysts tracked by FactSet expect J.M. Smucker to report full-year per-share earnings of $7.68. Shares of J.M. Smucker have gained 8% in the trailing 12-month period. By comparison, the S&P 500 Index has gained nearly 22% in the same time frame.