J.M. Smucker Co. shares (SJM) rose 1.9% in premarket trade Thursday, after the parent of brands including Folgers coffee, Café Bustelo and Milk-Bone dog biscuits posted stronger-than-expected earnings for its fiscal third quarter. The company had net income of $261.5 million, or $2.32 a share, in the quarter to Dec. 31, up from $187.4 million, or $1.64 a share, in the year-earlier period. Adjusted per-share earnings came to $2.45, well ahead of the $2.19 FactSet consensus. Sales rose to $2.077 billion from $1.972 billion, also ahead of the $2.006 billion FactSet consensus. Chief Executive Mark Smucker said sales were boosted by the continued elevated at-home dining trend, during the coronavirus pandemic. "During the quarter, we completed two divestitures, supporting our priority to further focus our portfolio and resources toward pet food, coffee, and snacking," he said in a statement. The company raised its guidance for fiscal 2021 and now expects sales to grow 2%, up from prior guidance of flat to up 1%. It expects adjusted EPS to range from $8.70 to $8.90, up from prior guidance of $8.35 to $8.65. Shares have gained 5% in the last 12 months, while the S&P 500 has gained 22%.
-Ciara Linnane; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
February 25, 2021 07:23 ET (12:23 GMT)
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