J.M. Smucker Stock Plunges 15% On Surprise Q4 Loss And Sales Decline

(RTTNews) - The J.M. Smucker Company (SJM) shares sank 14.96 percent, or $16.72 on Tuesday, after the company reported a sharp net loss of $729 million for the quarter, compared to net income of $245.1 million a year earlier. Quarterly net sales fell 3 percent to $2.1 billion, or 1 percent when excluding divestitures and currency impacts. The stock is currently trading at $95.10, down from a previous close of $111.82 New York Stock Exchange. It opened at $105.00 and has traded between $94.61 and $105.90 so far today, with volume surging to 8.4 million shares, well above the daily average of 1.18 million. This marks a new 52-week low, as shares have ranged between $94.61 and $125.42 over the past year. The steep loss and revenue miss have raised concerns about the company's near-term outlook amid portfolio adjustments and cost pressures.