J.M. Smucker (NYSE:SJM) saw its stock jump Monday after beating Wall Street’s top- and bottom-line estimates for its latest quarter. The company behind brands like Smucker’s, Folgers, Jif and Milk-bone also raised its full-year forecast.
Net sales increased $155.1 million , or 8 percent. Net sales excluding divestitures and foreign currency exchange increased 11%. Net income per diluted share was $1.79 . Adjusted earnings per share was $2.40, a decrease of 1%.
Cash provided by operations was $205.0 million, an increase of 24%. Free cash flow was $102.9 million , compared to $105.9 million in the prior year. The Company increased its full-year fiscal 2023 financial outlook for net sales and adjusted earnings per share.
"Our second quarter results reflect the ongoing strength of our business, continued demand for our leading brands, and the ability of our team to execute with excellence," said CEO Mark Smucker ."We delivered organic top-line growth across all of our businesses, driven by the strength of our portfolio, and our ability to recover cost inflation and manage our supply chain environment."
"Given our strong performance and sustained business momentum, we are raising our net sales and adjusted earnings per share expectations for this fiscal year. Looking ahead, we will continue to execute on our strategy and make investments in our key growth platforms to ensure consistent top- and bottom-line growth, continuing to position us well to deliver long-term shareholder value."
SJM shares fell $3.65, or 2.5%, to $142.49.
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