Smucker’s profit tops estimates as Hostess acquisition sweetens its business

Date:

Share post:



The J.M. Smucker Co. on Tuesday reported stronger-than-expected adjusted third-quarter profit, as it integrated its acquisition of Hostess Brands and total sales rose 1%.

J.M. Smucker Co.
SJM,
-0.53%
said its net income dropped to $120.4 million, or $1.14 a share, for its fiscal third quarter through Jan. 31, down from $208.5 million, or $1.96 a share, in the year-earlier period.

The parent of brands such as Folgers coffee, Dunkin’, Hostess and Milk-Bone pet food said adjusted per-share earnings came to $2.48, above the $2.27 FactSet consensus.

Sales rose 1% to $2.229 billion from $2.216 billion a year ago, just above the $2.220 billion FactSet consensus.

The results reflect the divestiture of the company’s Canada condiment business on Jan. 2 of this year, the acquisition of Hostess Brands Inc. on Nov. 7, the sale of the Sahale Snacks business on Nov. 1 and sales of certain pet food brands on April 28.

“Our teams are prioritizing growth opportunities for our leading brands, integrating Hostess Brands, and increasing focus on productivity and synergy-related activities,” CEO Mark Smucker said in a statement.

The company tweaked its fiscal 2024 guidance, lowering its same-store sales guidance and raising the low end of its adjusted EPS guidance.

It now expects same-store sales to rise 8.75%, compared with prior guidance of 8.5% to 9.0%.

It expects adjusted EPS of $9.45 to $9.65, compared with prior guidance of $9.25 to $9.65.

The stock was down 0.4% premarket and has fallen 15.4% in the last 12 months, while the S&P 500
SPX,
-0.38%
has gained 27%.



Source link

Alexandra Williams
Alexandra Williams
Alexandra Williams is a writer and editor. Angeles. She writes about politics, art, and culture for LinkDaddy News.

Recent posts

Related articles

Oil prices slip but remain above $86 a barrel as Middle East tensions suggest no imminent escalation

Oil prices retreated on Monday morning as concern eased that the geopolitical tensions in the Middle East...

Trump Media’s DJT stock rises again after call to stop ‘naked’ short selling

Trump Media & Technology’s stock rallied Friday and was headed for a third straight gain after the...

P&G’s stock falls after sales miss, as baby and health-care volumes declined

Shares of Procter & Gamble Co. slipped Friday, after the consumer packaged-goods company reported fiscal third-quarter sales that...

Constellation Brands moves itself further away from cannabis grower Canopy Growth’s business

Alcoholic-beverage giant Constellation Brands Inc. on Thursday announced a number of moves intended to further wash its...

Nordstrom confirms it’s looking to go private, with founding family interested in deal

Nordstrom Inc. has formed a special committee of independent directors to explore going private, the company said...

AMC poised for market-share gains, boosted by premium screens and concert movies, Wedbush says

Movie-theater chain and original meme stock AMC Entertainment Holdings Inc. is well positioned to grow its market...

Equifax says weaker mortgage demand is weighing on its business

Shares of Equifax fell after hours on Wednesday after the credit-scoring giant reported first-quarter revenue that missed...

Biden calls for tripling tariffs on Chinese steel, probing Beijing’s potential unfair trade practices in shipbuilding

President Joe Biden’s administration on Wednesday rolled out new measures that aim to protect U.S. industries and...