Tuesday 09 August 2022

J.M. Smucker’s first quarter revenue down 7 percent on lower coffee prices

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Shares of J.M. Smucker fell more than 8% Tuesday after the company reported mixed first-quarter earnings results. The maker of Folgers coffee posted net income of $170 million, or $1.46 a share, compared with $136 million, or $1.14 a share, in the year-earlier period.

Excluding one-time costs, the company said it earned $1.86 a share, beating average expectations on Wall Street of $1.74 a share, according to FactSet.

However, revenue for the period fell 7% year-over-year to $1.8 billion from $1.95 billion last year, missing the consensus estimate of $1.9 billion.

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