J.M. Smucker tops earnings forecast due to upbeat demand
On Tuesday, J.M. Smucker Co. (SJM.N) reported that it managed to beat its first-quarter sales estimates in light of strong demand for coffee, frozen sandwiches, and fruit spreads.
The Jif peanut butter maker announced that it would raise its revenue forecast for the fiscal year 2021.
According to Institutional Brokers Estimate System (IBES) data from Refinitiv, J.M. Smucker earned $2.37 per share compared with Wall Street expectations of $1.67 per share. Its net sales climbed up to $1.97 billion from $1.78 billion in the first quarter that ended on July 31.
“Our first-quarter results exceeded our expectations, particularly for the coffee and consumer foods portfolios. Consumers continued to seek out trusted and iconic brands as we achieved strong growth across nearly all our categories. This exceptional performance highlights the strength of our portfolio, the potential of our consumer-centric growth strategy, and our commitment to operate with financial discipline,” J.M. Smucker’s President and Chief Executive Officer Mark Smucker said.
“We expect continued momentum in the second quarter and are pleased to raise our full-year guidance. We remain confident in our ability to deliver on our fiscal year 2021 goals, advance our long-term strategy, and deliver increased shareholder value, he added.
J.M. Smucker’s shares went up by 3% in premarket trading.