The J.M. Smucker Co. (NYSE: SJM) reported its first quarter 2024 earnings results today.
Net sales decreased 4% year-over-year to $1.80 billion. Comparable net sales increased 21%.
Net income increased 67% to $183.6 million while EPS rose 74% to $1.79 compared to last year. Adjusted EPS grew 32% to $2.21.
Earnings beat estimates while revenue fell short.
For the full year of 2024, net sales are expected to decrease 10-11% year-over-year. Comparable net sales are expected to increase 8.5-9.5%. Adjusted EPS is estimated to range from $9.45-9.85.
The stock gained over 2% in premarket hours on Tuesday following the announcement.