J.M. Smucker Co. said Thursday it had net income of $147 million, or $1.35 a share, in its fiscal first quarter to April 30, down from $226.3 million, or $1.98 a share, in the year-earlier period. The parent of brands including Folgers coffee said adjusted per-share earnings came to $1.89, well ahead of the $1.67 FactSet consensus. Sales fell 8% to $1.920 billion from $2.092 billion, also ahead of the $1.878 billion FactSet consensus. “Our strong financial results reflect sustained elevated demand for at-home food and coffee consumption and consumers’ desire for our trusted and iconic brands,” Chief Executive Mark Smucker said in a statement. Smucker is now expecting fiscal 2022 sales to fall 3% to 2% and for adjusted EPS to range from $8.70 to $9.10, compared with a FactSet consensus of $8.60. Shares were flat premarket but have gained 18% in the year to date, while the S&P 500 has gained 12%.
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