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J. M. Smucker profit misses consensus by 26.0% in fiscal Q1

J. M. Smucker Co. said its normalized net income for the fiscal first quarter ended July 31 amounted to $1.20 per share, compared with the S&P Capital IQ consensus estimate of $1.62 per share.

EPS declined 20.5% year over year from $1.51.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $135.5 million, a decline of 22.5% from $174.8 million in the year-earlier period.

The normalized profit margin declined to 7.7% from 9.6% in the year-earlier period.

Total revenue fell year over year to $1.75 billion from $1.82 billion, and total operating expenses came to $1.49 billion, compared with $1.50 billion in the year-earlier period.

Reported net income decreased 25.2% from the prior-year period to $126.6 million, or $1.12 per share, from $169.2 million, or $1.46 per share.