The J. M. Smucker Company (NYSE:SJM) announced net income for the fourth quarter of $ 185.90 million or $ 1.64 per share. The company generated net sales of $ 1.78 billion for the same period. While earnings per share grew 7 percent from the year-ago quarter, revenue fell 0 percent.
On an adjusted basis, The J. M. Smucker revealed adjusted net income of $ 1.93 a share for the fourth quarter. This missed analysts estimate by $ 0.25 a share while net sales fell shy of street analysts expectation by $ 19 million.
Street analysts are looking for income of $ 2.18 per share on net sales of $ 1.80 billion for the fourth quarter. Analysts estimates are from Thomson Reuters, excludes one time gain or loss.
While fourth quarter adjusted earnings per share was below our projections due to industry-wide headwinds and certain discrete items, the actions we are taking to align our portfolio for growth set up our business to win. In the past few months, we brought 1850™ premium coffee and Jif® PowerUps™ snacks to market, innovations created in response to changing consumer preferences, said Mark Smucker, Chief Executive Officer.
Looking ahead, The J. M. Smucker anticipates full year 2018 diluted earnings of $8.40 to $8.65 per share.