Smucker Disappoints Wall Street

Shares have decreased 12 percent since the beginning of the year.

Fruit Spreads Group

(AP) J.M. Smucker Co. recently reported fiscal second-quarter net income of $188.5 million. The Orrville, Ohio-based company said it had net income of $1.66 per share. Earnings, adjusted for one-time gains and costs, were $2.17 per share. 

The results did not meet Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $2.33 per share. The food maker also posted revenue of $2.02 billion in the period, which missed forecasts of analysts who expected $2.05 billion. 

Smucker expects full-year earnings in the range of $8 to $8.20 per share, with revenue expected to be $7.9 billion. Smucker shares have decreased 12 percent since the beginning of the year, while the Standard & Poor's 500 index has stayed nearly flat. The stock has decreased nearly four percent in the last 12 months.

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