Food Products Maker J M Smucker's Q1: EPS Beat, Volume Growth, Revised Outlook & More
Portfolio Pulse from Shivani Kumaresan
J.M. Smucker Company (NYSE:SJM) reported a 4% YoY decline in Q1 FY24 sales to $1.805 billion, missing the analyst consensus of $1.84 billion. However, its adjusted EPS of $2.21 beat the consensus estimate of $2.04. The company's gross profit increased 19% YoY to $654.8 million and the operating income increased 69% to $303.5 million. The company also repurchased approximately 2.4 million of its common shares for $372 million in Q1. The company raised its FY24 adjusted EPS guidance from $9.20 - $9.60 to $9.45 - $9.85.
August 29, 2023 | 1:52 pm
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Despite a sales decline, J.M. Smucker's Q1 results showed strong profit growth and beat EPS estimates. The company also raised its FY24 EPS guidance, which could positively impact investor sentiment.
J.M. Smucker's Q1 results showed a decline in sales, but the company beat EPS estimates and showed strong profit growth. This, along with the raised EPS guidance for FY24, could positively impact the stock as it indicates the company's strong financial performance and positive outlook.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100