: J.M. Smucker stock surges after profit and sales beats, even as cost of sales jump #FinanceUSA #StockMarketNEWS Shares of J.M. Smucker Co. hiked up 2.8% toward a three-month high in premarket trading
@stockMarketNEWS 4 Days ago
J.M. Smucker stock surges after profit and sales beats, even as cost of sales jump #FinanceUSA #StockMarketNEWS
Shares of J.M. Smucker Co. hiked up 2.8% toward a three-month high in premarket trading Tuesday, after the food company, which brands include Folgers, Milk-Bone, Jif and Smuckers, reported fiscal third-quarter profit and sales that beat expectations even as cost of sales jumped, and lifted its full-year outlook. Net income for the quarter to Oct. 31 fell to 6.0 million, or .90 a share, from 0.8 million, or .02 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose to .43 from .39, beating the FactSet consensus of .24. Sales grew 0.8% to .05 billion, topping the FactSet consensus of .01 billion, while cost of sales grew 10.1% to lower gross margin to 34.7% from 40.2%. U.S. Retail Pet Foods sales fell 1.% to 1.6 million, Coffee sales rose 8% to 5.1 million and Consumer Foods sales dropped 8% to 1.2 million. For fiscal 2022, the company raised its adjusted EPS guidance range to .35 to .75 from .25 to .65 and its sales growth outlook to negative 0.5% to positive 0.5% from negative 2.5% to 1.5%. The stock has slipped 2.8% over the past three months through Monday, while the S&P 500 has gained 4.5%.