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06.06.2019 13:23:19

J.M. Smucker profit beats, but sales fall short in latest quarter

J.M. Smucker Co. said Thursday it had net income of $71.5 million, or 63 cents a share, in its fiscal fourth quarter to April 30, down sharply from $185.9 million, or $1.64 a share, in the year-earlier period. Adjusted per-share earnings came to $2.08, ahead of the $1.95 FactSet consensus. Sales rose to $1.902 billion from $1.781 billion, below the FactSet consensus of $1.930 billion. The owner of brands including Folgers and Smucker's coffee said sales were lifted by the $200.8 million contribution from Ainsworth Pet Nutrition, which was acquired in May of last year. The company divested its U.S. banking business in August. U.S. retail coffee sales rose 4% to $526.3 million, driven by double-digit increases for Dunkin' Donuts and Cafe Bustelo brands. U.S. retail consumer food sales fell 15% to $393.6 million, and U.S. retail pet food sales rose 35% to $721.2 million. The company is now expecting fiscal 2020 sales to climb 1% to 2% and adjusted EPS to range from $8.45 to $8.65, compared with a FactSet consensus of $8.12. Shares were not yet active premarket, but have gained 34% in 2019 to date, while the S&P 500 has gained 13%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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J. M. Smucker Co. 113.46 0.00% J. M. Smucker Co.
J-Holdings Corp 442.00 -1.12% J-Holdings Corp

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