J. M. Smucker Co. said its normalized net income for the fiscal second quarter ended Oct. 31 came to $1.58 per share, compared with the S&P Capital IQ consensus estimate of $1.93 per share.
In the prior-year period, the per-share result came in at a profit of $1.59.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $182.8 million, a decline from $189.5 million in the year-earlier period.
The normalized profit margin increased to 9.5% from 9.1% in the year-earlier period.
Total revenue decreased 7.9% year over year to $1.91 billion from $2.08 billion, and total operating expenses fell 8.5% year over year to $1.58 billion from $1.73 billion.
Reported net income came to $176.3 million, or $1.52 per share, compared with $175.2 million, or $1.47 per share, in the prior-year period.
