** charts before earnings **
** charts after earnings **
J.M. Smucker misses by $0.11, misses on revs; lowers FY18 EPS guidance
- Reports Q1 (Jul) earnings of $1.51 per share, excluding non-recurring items, $0.11 worse than the Capital IQ Consensus of $1.62; revenues fell 3.7% year/year to $1.75 bln vs the $1.81 bln Capital IQ Consensus
- Net sales decreased 4%, reflecting declines within the U.S. Retail Consumer Foods and U.S. Retail Coffee segments
- This reflected a 5 percentage point impact from lower volume/mix driven by declines in several categories, notably coffee and oils, which were partially offset by gains in pet food. Net price realization contributed 1 percentage point to net sales, as higher net pricing for coffee and the Smucker's brand was partially offset by lower net pricing within the Company's U.S. Retail Pet Foods segment.
- Co lowers FY18 earnings forecast, sees EPS of $7.75-7.95, excluding non-recurring items, vs. $7.95 Capital IQ Consensus Estimate, down from $7.85-8.05
- Co said, "While our first quarter results fell slightly short of our projections, primarily driven by lower than anticipated volume for Folgers roast and ground coffee, we have taken actions to improve our competitive positioning for Folgers. As a result, volume trends are improving. In addition, we remain pleased with the performance of the remainder of our coffee portfolio and look forward to the launch of new coffee products later this fiscal year," said Mark Smucker, Chief Executive Officer. "We are also pleased with the progress on our cost management programs, as we continue to deliver on our synergy and cost savings targets. Across all our businesses, we are executing on our strategic plan that provides a clear path to sustainable, long-term growth by delivering on current consumer and retail trends."
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