J M Smucker Company The
- J.M. Smucker advanced 2.6% to $115.34, and the stock lacked direction after the food maker lowered its annual expectations after revenue plunged 12% from a year ago.
Revenue in the fiscal second quarter ending in October declined 12% to $1.94 billion from $2.2 billion, net income increased 2% to $194.9 million from $191.1 million, and diluted earnings per share rose to $1.90 from $1.79 a year ago.
The company tightened the upper end of its comparable sales estimate and lowered its view of free cash flow and adjusted earnings per share.
The comparable sales outlook range for fiscal 2024 was tightened to between 8.9% and 9% from the previous range of 8.5% and 9.5%, and the adjusted earnings per share range was between $9.25 and $9.65 from the previous estimate of between $9.45 and $9.85.
The company also sharply lowered its full-year free cash flow estimate to $530 million from $650 million, but its capital expenditure to increase to $610 million from the previous estimate of $550 million.
Dec 5, 2023
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