— The J.M. Smucker Company (NYSE: SJM) reported its third-quarter 2020 adjusted earnings of $2.35 per share versus $2.23 per share expected.
— Net sales declined by 2% to $1.97 billion, which is in-line with the analysts’ expectations. This was due to the reduced volume/mix in the US Retail Pet Foods segment, primarily driven by dog food.
— The net sales performance reflected strong growth for the Smucker’s Uncrustables brand and improved volume fundamentals for coffee and peanut butter brands, which supported market share and household penetration growth in both categories.
— The quarterly results were in-line with the company’s expectations, benefiting from continued investment in its strategic growth imperatives and the decisive actions it is taking to improve certain areas of the business.
— Sales from the US Retail Pet Foods declined by 5% due to volume/mix, which mostly related to the Natural Balance brand and private label dog food.
— For the full year 2020, net sales are still expected to be down 3% compared to the prior year. On a comparable basis, net sales are expected to be down 2%. The consensus estimates the top line to decline by 3.10%.
— Adjusted earnings per share are expected to be in the range of $8.10-8.30, based on 114.0 million shares outstanding, for the full year 2020. The consensus estimates EPS of $8.15.
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