J.M. Smucker reported on Wednesday a fiscal second-quarter net profit of $158.3 million, or $1.55 a share, up from $153.4 million, or $1.46 a share, in the year-earlier period. Excluding non-recurring items, adjusted per-share earnings were $1.53, missing the FactSet consensus analyst estimate of $1.55. Sales fell 5% to $1.48 billion, below analyst forecasts of $1.52 billion, with the company citing a decline in volume, most significantly in its U.S. retail coffee business. The maker of fruit spreads, packaged coffee and peanut butter affirmed the full-year outlook it provided on Nov. 12, when it cut its profit forecast because of a sharp drop in volume for its Folgers brand coffee. The stock, which is still inactive in premarket trade, had dropped 4.1% on Nov. 12, but has gained 1.6% since then. It has lost 1.6% year to date through Tuesday, compared with an 11% rise in the S&P 500.
Copyright © 2014 MarketWatch, Inc.