(AP) J.M. Smucker Co. recently reported fiscal second-quarter net income of $188.5 million. The Orrville, Ohio-based company said it had net income of $1.66 per share. Earnings, adjusted for one-time gains and costs, were $2.17 per share.
The results did not meet Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $2.33 per share. The food maker also posted revenue of $2.02 billion in the period, which missed forecasts of analysts who expected $2.05 billion.
Smucker expects full-year earnings in the range of $8 to $8.20 per share, with revenue expected to be $7.9 billion. Smucker shares have decreased 12 percent since the beginning of the year, while the Standard & Poor's 500 index has stayed nearly flat. The stock has decreased nearly four percent in the last 12 months.
