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The food company posted adjusted earnings of $3.24 a share in its fiscal first quarter, well above Wall Street's estimate of $2.22
J.M. Smucker reported fiscal first-quarter results on Wednesday that exceeded analyst expectations and raised its full-year earnings forecast, driven in part by tariff refunds and stronger coffee sales.
For the quarter ended July 31, Smucker earned an adjusted $3.24 a share, compared with $1.90 in the same period last year. That surpassed the Wall Street consensus estimate of $2.22 a share, according to Barron's. The adjusted earnings figure included an 84-cent-per-share benefit from tariff refunds received during the quarter. Net sales rose 5% to $2.22 billion, the company said.
On a GAAP basis, net income was $324.3 million, compared to a net loss of $43.9 million in the same period a year earlier. Gross profit more than doubled, rising 106%, and included approximately $115 million in tariff refunds.
