Shares of J.M. Smucker Co (NYSE: SJM) are slightly in the red this morning even though the food and beverage company reported market-beating earnings for its third financial quarter.
Chief Executive’s remarks on CNBC
The price action is particularly interesting considering the company also narrowed its guidance for the full year.
According to Smuckers, its per-share earnings will fall between $8.55 and $8.75 in fiscal 2023. Full-year sales are now expected to climb 6.0% this year. On CNBC’s “Squawk Box”, CEO Mark Smucker said:
We saw growth across each of our three businesses and continue to see strong share performance. We feel very confident that we’d be able to have a strong finish to this year.
For the year, Smuckers stock is down about 6.0% at writing.
J.M. Smucker’s Q3 earnings snapshot
Net income printed at $208.5 million versus the year-ago $69.7 million
Per-share earnings also climbed significantly from 64 cents to $1.95
Adjusted EPS came in at $2.21 as per the earnings press release
Revenue jumped 8.0% on year-over-year basis to $2.22 billion
FactSet consensus was $2.13 of EPS (adj) on $2.22 billion in revenue
Free cash flow went meaningfully up to $442.7 million in the recent quarter. Speaking with CNBC, CEO Smucker also said:
We continue to have world-class brand building supporting our brands through advertising on mass media or social media channels. Things are just going exceptionally well.
Nonetheless, Wall Street currently rates this food stock at “hold” and does not see a meaningful upside from here on average.
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