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J. M. Smucker cuts FY'20 outlook after Q1 earnings miss

The J. M. Smucker Co. on Aug. 27 lowered its outlook for the full year after reporting fiscal first quarter earnings that missed analysts' expectations.

The food company now expects to report adjusted EPS for fiscal 2020 in the range of $8.35 to $8.55. J. M. Smucker had previously forecast it to be between $8.45 to $8.65.

Net sales for the full year are expected to be flat or decline 1% year over year, compared to its previous forecast of year-over-year growth of 1% to 2%.

For the first quarter ended July 31, J. M. Smucker posted adjusted EPS of $1.58, down 11% from $1.78 in the year-ago period. The figure fell short of the S&P Global Market Intelligence consensus estimate for normalized EPS of $1.75.

Net sales totaled $1.78 billion, down 6% from $1.90 billion in the first quarter of fiscal 2019.