SJM - J.M. Smucker slips after inflation supply chain headwinds hold back profit
J.M. Smucker Company (NYSE:SJM) reported sales excluding divestitures and foreign currency exchange increased 4% in FQ3. Inflation and supply chain headwinds were noted as holding back the full earnings potential. U.S. Retail Coffee segment sales rose 6% to $661.8M for SJM during the quarter vs. $643.3M consensus. U.S. Retail Pet Foods segment sales fell 9% to $696.6M vs. $711.3m consensus. U.S. Retail Consumer Foods segment sales dropped 3% to $433.1M vs. $434.5M. Adjusted operating income fell to $377.9M from $403.9M a year ago. Adjusted gross margin came in at 34.6% of sales to match the consensus estimate. Looking ahead, the food company said it continues to drive long-term growth by focusing on the key growth platforms of pet, coffee, and snacking, including the completion of two divestitures this quarter. Adjusted EPS of $8.35 to $8.65 is anticipated vs. the prior forecast for $8.35 to $8.75 and the consensus mark of
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J.M. Smucker slips after inflation, supply chain headwinds hold back profit