NEWS: J.M. Smucker said Wednesday that its fiscal second-quarter net income rose 3 percent, but the results fell short of analysts' expectations and the company cut its revenue forecast for the full year. Its shares fell more than 5 percent in morning trading.
DETAILS: The Orville, Ohio-based food maker said its sales were hurt by lower prices, particularly for coffee and peanut butter. The company's recent acquisition of Enray and its Cumberland distribution agreement boosted sales by a combined $21.5 million.
NUMBERS: For the quarter ended Oct. 31, J.M. Smucker earned $153.4 million, or $1.46 per share, up from $148.8 million, or $1.36 per share, in the same quarter of 2012. Revenue fell 4 percent to $1.56 billion from $1.63 billion.
Analysts, on average, expected earnings of $1.59 per share on $1.61 billion in revenue, according to FactSet.
FUTURE: For fiscal 2014, J.M. Smucker said it now expects revenue to decrease by about 2 percent compared with 2013. The company had previously predicted a revenue decrease of about 1 percent.
The company backed its previous full-year adjusted earnings prediction of between $5.72 and $5.82 per share. Analysts expect higher earnings of $5.83 per share.
SHARES: Its shares fell $5.70, or 5.3 percent, to $102.89 in morning trading Wednesday. Its shares had risen almost 26 percent so far this year.