SJM - J.M. Smucker's Earnings Twist: Sales Dip But Profits Soar - What's Cooking? | Benzinga
J.M. Smucker Company (NYSE: SJM) reported a second-quarter FY24 sales decline of 12% year-on-year to $1.94 billion, missing the analyst consensus of $1.95 billion. Adjusted EPS of $2.59 beat the consensus estimate of $2.47.
Gross profit increased 3% Y/Y to $724.2 million, and the gross profit margin expanded by 560 basis points to 37.4%. The company's operating income increased by 2% to $298.9 million, with the margin expanding from 13.3% to 15.4%.
The company held $3.62 billion in cash and equivalents as of October 30, 2023. Operating cash flow for the quarter totaled $176.9 million, and the free ...