The J.M. Smucker Co. (NYSE: SJM) on Tuesday announced third-quarter 2023 financial results, reporting a decline in adjusted profit and an increase in net sales.
At $2.22 billion, third-quarter sales were up 8% year-over-year, reflecting higher sales across all key business divisions except the US Retail Consumer Foods segment which remained unchanged.
Meanwhile, adjusted earnings, excluding special items, declined 5% annually to $2.21 per share. On a reported basis, net income more than doubled to $208.5 million or $1.95 per share.
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Mark Smucker, the company’s chief executive officer, said, “Looking ahead, we will continue to advance our strategic priorities, which have supported our commitment to enhanced prioritization, improved profitability and product mix, and greater organizational agility, positioning us to deliver consistent top-and bottom-line growth and shareholder value.”