Food manufacturer, The J.M. Smucker Company(SJM) reported increased earnings Friday, matching analysts expectations.
The Orrville, OH based company reported second quarter net income of $148.8 million, or $1.36 per share, up 14.5% from $127.20 million, or $1.12 per share last year. Excluding special items, net income was $1.45 per share, up from $1.29 last year. Analyst expected $1.45 per share.
Reported revenue came in at $1.62 billion, up from $1.51 billion last year. Analysts expected revenue of $1.63 billion.
Looking ahead, the company expects revenue for fiscal 2013 to increase by 7%. Non-GAAP EPS is expected to be in the range of $5.12 to $5.22, up from the company’s prior estimated range of $5.00 to $5.10 per share. Analysts are expecting to see earnings of $5.19 per share, with revenue of $5.95 billion for fiscal 2013.
The J.M. Smucker Company shares were mostly flat during premarket trading Friday.
The Bottom Line
Shares of J.M. Smucker Company (SJM) have a 2.44% dividend yield, based on last night’s closing stock price of $85.38. The stock has technical support in the $80-$81 price area. The stock is trading near the all-time high levels of $87-$88 a share.
The J.M. Smucker Company(SJM)is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.