J. M. Smucker Guides FY23 Well Below Estimates - Update

(RTTNews) - While reporting financial results for the fourth quarter on Tuesday, consumer goods company J. M. Smucker Co. (SJM) initiated guidance for adjusted earnings and net sales growth for the full-year 2023.

For fiscal 2023, the company now projects adjusted earnings in a range of $7.85 to $8.25 per share on net sales growth of 3.5 to 4.5 percent. On a comparable basis, net sales are expected to increase approximately 6 percent at the mid-point of the net sales guidance range.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $8.91 per share on a sales growth of 0.9 to $8.01 billion for the year. Analysts' estimates typically exclude special items.

The guidance reflects an estimated unfavorable impact to sales of 2 percent and adjusted earnings per share of $0.90 related to the recall of certain Jif peanut butter products.