J M Smucker Co (NYSE:SJM) stock was down on Friday on a poor earnings report for its fiscal third quarter of 2017.
J M Smucker Co reported revenue of $1.88 billion during its fiscal third quarter of 2017. This is down from its revenue of $1.97 billion that was reported during the same time last year. It also came in below Wall Street’s revenue estimate of $1.92 billion for the quarter.
Earnings per share reported by J M Smucker Co in its fiscal third quarter of 2017 was $2.00. This is a decrease over its earnings per share of $2.05 in the fiscal third quarter of 2016. However, SJM did manage to match analysts’ earnings per share estimate for the fiscal third quarter of 2017.
During its fiscal third quarter of 2017, J M Smucker Co reported operating income of $237.70 million. Operating income reported by the company during the same period of the year prior was $318.30 million.
J M Smucker Co updated its guidance for the fiscal full year of 2017 in its recent earnings report. The food and beverage company is now expecting earnings per share to range from $7.60 to $7.70. It’s previous guidance had earnings per share ranging from $7.60 to $7.75. Wall Street is expecting SJM to report earnings per share of 7.69 for fiscal 2017.
J M Smucker Co also says that it expects to see comparable net sales decrease by 3% in fiscal 2017. This is a drop from its previous guidance, which had comparable net sales ranging from flat to a 1% decrease for the year.
SJM stock was down 3% as of noon Friday.