J. M. Smucker (NYSE: SJM) reported Q1 EPS of $1.51, $0.12 worse than the analyst estimate of $1.63. Revenue for the quarter came in at $1.75 billion versus the consensus estimate of $1.81 billion.

• Net sales decreased 4 percent, reflecting declines within the U.S. Retail Consumer Foods and U.S. Retail Coffee segments.
• Net income per diluted share decreased 23 percent to $1.12. This decline was mostly anticipated due to planned increases in marketing expense and commodity costs.
• Adjusted earnings per share was $1.51, a decrease of 19 percent.
• Cash provided by operating activities was $304.3 million, compared to $238.9 million in the prior year. Free cash flow was $234.7 million in the quarter, compared to $188.7 million in the prior year.
• The Company lowered the midpoint of its full-year fiscal 2018 adjusted earnings per share guidance range by approximately 1 percent.

GUIDANCE:

J. M. Smucker sees FY2018 EPS of $7.75-$7.95, versus prior of $7.85-$8.05 and the consensus of $7.97.

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