- J M Smucker Co (NYSE:SJM) reported a third-quarter FY21 sales decline of 1% year-on-year, to $2.06 billion, beating the consensus of $2.04 billion. Organic net sales growth was 4%.
- Adjusted EPS of $2.33 beat the Street view of $2.09.
- The gross profit decreased 16% Y/Y to $126.3 million and the gross profit margin contracted by 580 basis points to 33.2%.
- The operating margin dropped 1230 basis points to 7.3%, and operating income for the quarter fell 63% to $150.6 million.
- The company held $284.3 million in cash and equivalents as of January 31, 2022. Cash from operations for the quarter totaled $439.7 million, and the free cash flow was $322.4 million.
- "Looking ahead, we are navigating a dynamic environment led by cost inflation and supply chain disruptions. We expect these pressures to continue in the fourth quarter," said CEO Mark Smucker.
- Outlook: J M Smucker narrowed the FY22 adjusted EPS outlook to $8.35 - $8.65 (prior view $8.35 - $8.75) versus the consensus of $8.57.
- The company also cut FY22 sales growth guidance to (1.5)% - (0.5)% from the prior view of (1.0)% - 0.0%.
- Price Action: SJM shares are trading lower by 5.70% at $127.07 on the last check Tuesday.
Get all your news in one place.
100’s of premium titles.
One app.
Start reading
One app.
Get all your news in one place.
100’s of premium titles. One news app.
Why Are J M Smucker Shares Trading Lower Today
Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member?
Sign in here
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member?
Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member?
Sign in here
Our Picks