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J. M. Smucker profit misses consensus by 21.3% in fiscal Q3

J. M. Smucker Co. said its normalized net income for the fiscal third quarter ended Jan. 31 amounted to $1.57 per share, compared with the S&P Capital IQ consensus estimate of $2.00 per share.

EPS fell 6.2% year over year from $1.68.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $182.4 million, a decline of 8.8% from $199.9 million in the year-earlier period.

The normalized profit margin declined to 9.7% from 10.1% in the year-earlier period.

Total revenue decreased on an annual basis to $1.88 billion from $1.97 billion, and total operating expenses declined from the prior-year period to $1.55 billion from $1.61 billion.

Reported net income decreased 27.2% year over year to $134.5 million, or $1.16 per share, from $184.8 million, or $1.55 per share.