J.M. Smucker Earnings: SJM Stock Surges 7% on Q1 Beats

J.M. Smucker (NYSE:SJM) earnings for the maker of jams and jellies’ fiscal first quarter of 2021 have SJM stock heading higher on Tuesday. That’s thanks to its adjusted earnings per share of $2.37 beating out Wall Street’s estimate of $1.67. Its revenue of $1.97 billion also comes in above analysts’ estimate of $1.81 billion.

Image of a J.M. Smucker (SJM) sign outside with shrubs nearby

Source: JHVEPhoto / Shutterstock.com

Here are some additional highlights from the most recent J.M. Smucker earnings report.

  • Adjusted per-share earnings are up 50% from $1.58 in the same period of the year prior.
  • Revenue for the quarter comes in 11% higher than the $1.78 billion reported in fiscal Q1 2020.
  • Operating income of $361.1 million is a 40% increase year-over-year from $257.6 million.
  • The J.M. Smucker earnings report also has it bringing in a net income of $237 million.
  • That is a 53% jump from the company’s net income of $154.6 million reported during the same time last year.

Mark Smucker, president and CEO of J.M. Smucker, said the following in the earnings report.

“Our first quarter results exceeded our expectations, particularly for the coffee and consumer foods portfolios. Consumers continued to seek out trusted and iconic brands as we achieved strong growth across nearly all our categories. This exceptional performance highlights the strength of our portfolio, the potential of our consumer-centric growth strategy, and our commitment to operate with financial discipline.”

J.M. Smucker also includes guidance for its fiscal full year of 2021 in the current earnings report. It’s expecting adjusted EPS to come in between $8.20 and $8.60. That’s looking good next to Wall Street’s estimate of $8.16 per share for the year.

SJM stock was up 7.2% as of Tuesday afternoon.

As of this writing, William White did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2020/08/j-m-smucker-earnings-send-sjm-stock-higher/.

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