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Nov. 23, 2021, 8:21 a.m. EST

J.M. Smucker stock surges after profit and sales beats, even as cost of sales jump

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By Tomi Kilgore

Shares of J.M. Smucker Co. /zigman2/quotes/203835894/composite SJM +1.50% 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 $206.0 million, or $1.90 a share, from $230.8 million, or $2.02 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose to $2.43 from $2.39, beating the FactSet consensus of $2.24. Sales grew 0.8% to $2.05 billion, topping the FactSet consensus of $2.01 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 $701.6 million, Coffee sales rose 8% to $645.1 million and Consumer Foods sales dropped 8% to $441.2 million. For fiscal 2022, the company raised its adjusted EPS guidance range to $8.35 to $8.75 from $8.25 to $8.65 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 /zigman2/quotes/210599714/realtime SPX +0.08% has gained 4.5%.

/zigman2/quotes/203835894/composite
US : U.S.: NYSE
$ 145.15
+2.15 +1.50%
Volume: 675,295
Jan. 14, 2022 4:00p
P/E Ratio
20.78
Dividend Yield
2.73%
Market Cap
$15.73 billion
Rev. per Employee
$1.11M
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/zigman2/quotes/210599714/realtime
US : S&P US
4,662.85
+3.82 +0.08%
Volume: 2.52B
Jan. 14, 2022 5:16p
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