The J.M. Smucker Co. (NYSE: SJM) reported first quarter 2023 earnings results today.
Net sales inched up 1% year-over-year to $1.87 billion, beating estimates.
Net income declined to $109.8 million, or $1.03 per share, compared to $153.9 million, or $1.42 per share, last year. Adjusted EPS fell 12% to $1.67 but surpassed projections.
The company raised its outlook for the full year of 2023 and now expects sales to grow 4-5% year-over-year versus the previous range of 3.5-4.5%. Adjusted EPS is now expected to be $8.20-8.60 versus the prior range of $7.85-8.25.