J.M. Smucker (SJM) reported earnings on Tue 8/23/16 (b/o)

** charts before earnings **

** charts after earnings **

 

 ** 3 days later **

J.M. Smucker beats by $0.12, misses on revs; reaffirms FY17 EPS & raises rev guidance :

• Reports Q1 (Jul) earnings of $1.86 per share, excluding non-recurring items, $0.12 better than the Capital IQ Consensus of $1.74; revenues fell 7.0% year/year to $1.82 bln vs the $1.89 bln Capital IQ Consensus.
  • U.S. retail coffee net sales decreased $51.7 mln, reflecting lower net price realization, which was primarily attributed to the impact of two 6 percent list price declines since the beginning of fiscal 2016.
  • U.S. retail consumer foods net sales decreased $45.2 mln, primarily reflecting the impact of $34.2 mln of noncomparable net sales in the prior year related to the divested U.S. canned milk business.
  • U.S. retail pet foods net sales decreased $30.4 mln, primarily due to unfavorable volume/mix, which impacted net sales by 5 percentage points.
  • International & foodservice net sales decreased $8.9 mln, reflecting noncomparable sales of $5.3 mln in the prior year related to the divested U.S. canned milk business and an unfavorable $4.6 mln impact of foreign currency exchange.
• Co reaffirms FY17 EPS & raises FY17 rev guidance, sees EPS of $7.60-7.75, excluding non-recurring items, vs. $7.70 Capital IQ Consensus Estimate; sees FY17 revs between -1-0% (prior -1%) to $7.73 bln, excluding the impact of the U.S. canned milk divestiture, vs. $7.72 bln Capital IQ Consensus Estimate.