The J.M. Smucker Co. shares tumbled 4% in premarket trading Thursday, after the company missed earnings estimates for its first fiscal quarter through July 31. The food and beverages company said it had net income of $126.8 million, or $1.12 a share, in the quarter, down from $170.0 million, or $1.46 a share, in the year-earlier period. Adjusted per-share earnings came to $1.51, below the FactSet consensus of $1.62. Sales fell 4% to $1.749 billion from $1.816 billion, also below the FactSet consensus of $1.813 billion. Chief Executive Mark Smucker said results were hurt by lower-than-expected demand for Folgers roast and ground coffee. "We have taken actions to improve our competitive positioning for Folgers," he said in a statement. "As a result, volume trends are improving. The company lowered its full-year EPS guidance to a range of $7.75 to $7.95 from a prior range of $7.85 to $8.05. The FactSet consensus is for $7.95. Shares are down 7.2% in 2017, while the S&P 500 has gained 9.2%.
Copyright © 2017 MarketWatch, Inc.
Continue Reading Below