The J.M. Smucker Company (NYSE:SJM) reported fiscal third-quarter results that surpassed Wall Street expectations, driven by strong performance in its coffee and pet food segments.
The Orrville, Ohio-based food manufacturer posted a statutory net loss of $724.2 million, or $6.79 per share, primarily due to a substantial non-cash asset impairment charge related to its recent portfolio restructuring.
However, on an adjusted basis, the company earned $2.38 per share.
The adjusted earnings figure comfortably beat the consensus estimate of $2.27 per share forecast by analysts surveyed by Zacks Investment Research.
Revenue for the period reached $2.34 billion, also topping the $2.32 billion expected by the market.
The results reflect the company’s ability to maintain pricing power and volume stability despite a volatile consumer staples environment.
The company’s "Unstoppable" brands, including Jif and Meow Mix, showed continued resilience.
Management highlighted that the integration of Hostess Brands is progressing ahead of schedule, contributing to synergistic cost savings and expanded distribution in the sweet baked goods category.