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 story : J.M. Smucker stock jumps toward 6-year high after profit and sales beat expectations and outlook raised #FinanceUSA #StockMarketNEWS Shares of J.M. Smucker Co. jumped 3.7% toward a six-year high in

@stockMarketNEWS 18 Days ago

Posted in: #FinanceUSA #StockMarketNEWS

J.M. Smucker stock jumps toward 6-year high after profit and sales beat expectations and outlook raised #FinanceUSA #StockMarketNEWS
Shares of J.M. Smucker Co. jumped 3.7% toward a six-year high in premarket trading Monday, after the consumer and pet foods company, which brands including Folgers, Jif and Milk-Bone, reported fiscal second-quarter profit and sales that beat expectations and raised its full-year outlook, as a 17 percentage point in price realization helped offset a 6-point decline in volume and mix. Net income for the quarter to Oct. 31 fell to 1.1 million, or .79 a share, from 6.0 million, or .90 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of .40 beat the FactSet consensus of .18. Sales grew 7.6% to .21 billion, above the FactSet consensus of .17 billion. Cost of products sold rose more than sales, up 12.4% to .50 billion, as gross margin contracted to 31.8% from 34.7%. For fiscal 2023, the company raised its guidance ranges for adjusted EPS to .35 to .75 from .20 to .60 and for sales growth to 5.5% to 6.5% from 4% to 5%. The stock has gained 4.6% over the past three months through Friday, while the S&P 500 has lost 6.2%.


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