JM Smucker beats Q3 profit estimates on sustained demand for frozen snacks, pet food
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February 27, 2024 12:39 PM EST
CFRA analyst Arun Sundaram raised the price target on J.M. Smucker (NYSE: SJM) to $137.00 (from $131.00) while maintaining a Hold rating.
The analyst comments "We lift our 12-month target $6 to $137, 13.5x our FY 25 (Apr.) EPS of $10.16 (up from $10.04; FY 24's raised to $9.76 from... More
February 27, 2024 9:09 AM EST
J. M. Smucker (NYSE: SJM) reported a stronger-than-expected third quarter, with adjusted earnings per share (EPS) of $2.48, surpassing the analyst estimate of $2.27. Revenue also exceeded expectations, coming in at $2.23 billion against the consensus estimate of $2.22 billion. The company's stock responded positively to the news, climbing 1.6%.
The increase in net sales by $12.9 million, or 1%, was attributed to organic growth and strategic acquisitions, despite divestitures and foreign currency exchange headwinds. When excluding these factors, net sales saw a 6% increase. The growth was primarily driven by volume/mix, which rose by 4 percentage points, led... More
