Food product company, The J.M. Smucker Company(SJM) reported a drop in profits for its third quarter, but beat expectations on Friday.
The Orrville, OH based company reported third quarter earnings of $154.2 million, or $1.42 per share, down from $116.8 million, or $1.03 per share last year. Excluding special items, earnings were $159.4 million, or $1.47 per share, beating analysts estimate of $1.39 per share.
Revenue for the quarter rose by 6% to $1.56 billion, from $1.47 billion last year. Analysts estimated $1.55 billion in revenue.
Looking ahead, the company expects to see earnings for FY2013 in the range of $5.17 to $5.22 per share, up from the previous outlook of $5.12 to $5.22 per share. Analysts are expecting $5.22 per share. SJM estimates sales to see a 6% upside for FY2013
J.M. Smucker shares were down -$1.16, or -1.26% during premarket trading Friday. The stock has increased 17% in the past year.
The Bottom Line
Shares of The J.M. Smucker Company(SJM) have a 2.26% yield, based on Thursday’s closing price of $92.16.
The J.M. Smucker Company(SJM) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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