WASHINGTON (dpa-AFX) - J. M. Smucker Co. (SJM) on Monday raised its full-year earnings and revenues outlook driven largely by 'unprecedented' demand for its food products reflecting stocking up by customers due to ongoing stay-at-home orders enforced to curb the coronavirus pandemic.
Orrville, Ohio-based J.M. Smucker now expects adjusted earnings to exceed the high end of its previous forecast range of $8.10 to $8.30 per share.
The company now expects sales to fall 1% in the fiscal year ending April 30, 2020, compared to its prior forecast for a drop of 3%.
'Unprecedented customer and consumer demand in the company's fourth quarter has improved its fiscal year financial expectations. The anticipated improvement will benefit both GAAP and non-GAAP results,' the company said in a statement.
SJM closed Monday's trading at $121.62, up $0.04 or 0.03%, on the NYSE. The stock further gained $1.62 or 1.33% in the after-hours trade.
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