J.M. Smucker Co.’s SJM stock jumped 2.5% before market open Tuesday after the company beat analysts’ earnings estimate in its third-quarter results and raised its full year earnings outlook. The consumer and pet foods company, whose brands include Folgers, Jif and Milk-Bone, reported third quarter net income of $208.5 million, or $1.95 a share, up from $69.7 million, or $0.64 a share in the year-ago quarter. On an adjusted basis, J.M. Smucker earned $2.21 a share, compared with the FactSet consensus of $2.13 a share. Third-quarter sales were $2.22 billion, up from $2.06 billion a year ago, and in line with FactSet consensus. For Fiscal Year 2023, J.M. Smucker expects earnings of $8.55 to $8.75 a share, compared to its previous outlook of $8.35 to $8.75 a share. The company also narrowed its sales guidance. J.M. Smucker now expects a 6% sales increase in fiscal year 2023, compared to its prior outlook of a 5.5% to 6.5% increase.
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