[ad_1]
Shares of The J.M. Smucker Co. (NYSE: SJM) have been down on Monday. The inventory has gained 10% over the previous 12 months. The corporate is ready to report third quarter 2023 earnings outcomes on Tuesday, February 28, earlier than market open. Right here’s what to anticipate from the earnings report:
Income
Analysts are projecting income of $2.22 billion for JM Smucker in Q3 2023. This compares to gross sales of $2.1 billion reported in the identical interval final yr. Within the second quarter of 2023, gross sales elevated 8% year-over-year to $2.20 billion.
Earnings
Analysts are predicting EPS of $2.12 for Q3 2023 which compares to adjusted EPS of $2.33 in Q3 2022. In Q2 2023, the corporate reported adjusted EPS of $2.40, which was down 1% year-over-year.
Factors to notice
Within the second quarter of 2023, SJM’s comparable gross sales elevated 11%. The corporate continued to see energy within the pet, snacking and low classes. The Pet Meals section recorded comparable internet gross sales progress of 14% in Q2, with energy in classes like cat meals, pet food and canine snacks.
Internet gross sales within the Espresso section elevated 10% helped by energy within the at-home espresso portfolio. The at-home espresso class is predicted to stay resilient regardless of declines in quantity and impacts from inflation as nearly all of coffee-drinking events happen at residence.
The corporate’s robust model portfolio will proceed to be a bonus. In Q2, 71% of its US retail gross sales got here from manufacturers which might be rising or sustaining share. The Shopper Meals enterprise continues to profit from energy in Uncrustables sandwiches and Smucker’s fruit spreads.
The continued value inflation, provide chain volatility and macroeconomic headwinds proceed to affect the corporate’s enterprise and that is prone to have continued via the third quarter. Value will increase might need had an impact on volumes as effectively. As well as, the Jif peanut butter recall will proceed to affect outcomes all through this fiscal yr.
Click on right here to learn the complete transcript of JM Smucker’s Q2 2023 earnings convention name
[ad_2]
Source link
