The J. M. Smucker Company (SJM - Free Report) , a leading producer and marketer of branded food products worldwide, reported second-quarter fiscal 2017 adjusted earnings of $2.05 a share, which surpassed the Zacks Consensus Estimate of $1.94. Moreover, the bottom line rose 7.3% from $1.91 a share earned in the year-ago quarter.
Earnings Estimate Revision: The Zacks Consensus fiscal 2017 Estimate portrays a downtrend in the last 7 days. J. M. Smucker’s performance in the trailing four quarters (including the quarter under review) gives a positive picture. The company outperformed the Zacks Consensus Estimate by an average of 19.2% in the trailing four quarters.
Revenues: J. M. Smucker generated net sales of $1,913.9 million that declined 8% year over year and lagged the Zacks Consensus Estimate of $2,001 million primarily due to the divestiture of its canned milk business, as well as fall in volume/mix and lower price realization. Excluding results of the divested business and currency headwinds, net sales were down 5%.
Outlook: Following the second quarter performance, J. M. Smucker reiterated its outlook for fiscal 2017. The company continues to envision adjusted earnings in a band of $7.60–$7.75 per share. Net sales are expected to decline 2 – 3%, with comparable sales in the range of flat to down 1%.
Zacks Rank: Currently, J. M. Smucker carries a Zacks Rank #4 (Sell) which is subject to change following the earnings announcement.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Check back later for our full write up on J. M. Smucker’s earnings report!
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