ORRVILLE, OH; Austin, MN (AP) J.M. Smucker is reporting fiscal third-quarter profit of $69.7 million. On a per-share basis, the Orrville, Ohio-based company said it had net income of 64 cents. Earnings, adjusted for one-time gains and costs, were $2.33 per share. The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $2.08 per share.
The food maker posted revenue of $2.06 billion in the period, which also beat Street forecasts. Smucker expects full-year earnings in the range of $8.35 to $8.65 per share.
On the same day Hormel Foods Corp. reported fiscal first-quarter profit of $239.6 million. On a per-share basis, the Austin, Minnesota-based company said it had net income of 44 cents.
The results beat Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 43 cents per share.
The maker of Spam canned ham, Dinty Moore stew and other foods posted revenue of $3.04 billion in the period, also beating Street forecasts. Hormel expects full-year earnings to be $1.87 to $2.03 per share, with revenue in the range of $11.7 billion to $12.5 billion.
