Why J.M. Smucker Plunged Today
Shares of packaged food giant The J.M. Smucker Company (NYSE: SJM) fell on Wednesday, declining as much as 9.3% before recovering to a 5.1% decline as of 1:05 PM EDT.
J.M. Smucker, home to a variety of food brands such as Smucker's, Folgers, and Hostess, gave its fiscal-third-quarter earnings report this morning. The numbers missed expectations, with tariffs especially taking a bite out of the bottom line.
In the fiscal third quarter, J.M. Smucker's revenue declined 1% to $2.1 billion, although absent the effect of divestitures over the past year, revenue would have actually increased 2%. On a more pessimistic note, adjusted (non-GAAP) earnings per share of $1.90 fell a more severe 22% from the prior year. Both top and bottom lines missed expectations.
Source Fool.com
