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Investing.com -- J. M. Smucker on Wednesday reported first-quarter results that were in line with expectations and raised its sales outlook for the year. However, the company’s profit outlook for the year missed analyst estimates.
Shares in the packaged food maker fell nearly 7% in premarket trading.
Earnings per share came in at $1.90, matching the analyst consensus. Revenue was $2.11 billion, also in line with estimates, though down 1% from a year earlier. Excluding the impact of divestitures and currency, net sales increased 2%.
"Our first quarter results exceeded our expectations and reflect the continued momentum of the business," said Mark Smucker, CEO and Chair of the Board at J.M. Smucker.
"Our results reflect strong top-line growth, driven by consumer demand for our portfolio of leading brands, and bottom-line results that reflect disciplined cost management and execution."
"Due to the better-than-expected first quarter results and sustained momentum for our portfolio of leading brands, we are raising our net sales expectations for the fiscal year," he added.
Smucker now expects its net sales growth forecast to a range of 3% to 5%, up from its prior outlook of 2% to 4%. Free cash flow guidance was also raised to $975 million, from $875 million previously.
The company expects fiscal 2026 EPS of $8.50 to $9.50, missing the $9.17 analyst consensus at the midpoint.