J.M. Smucker tempered its sales outlook for the year Wednesday. The company behind the Folgers, Jif and Pillsbury brands, said it expects net sales to increase at a rate "slightly less" than the 5 percent it stated at the beginning of the year.
Even so, Smucker maintained its fiscal 2015 earnings outlook of $5.95 to $6.05 per share.
The company also reported its fiscal first-quarter results. Smucker said it had profit of $1.14 per share. Earnings, adjusted for non-recurring costs, came to $1.34 per share.
The results did not hit Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $1.37 per share.
The company posted revenue of $1.32 billion. Revenue declined 2 percent from a year ago, largely due to increased promotional costs for its U.S. retail coffee business.
Total returns through Aug. 20
Source: FactSetAssociated Press
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