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CTV News
5 hours ago
- Business
- CTV News
Packaged food maker J.M. Smucker forecasts annual profit below estimate
Jif peanut butter maker J.M. Smucker SJM.N forecast annual profit below the estimate on Tuesday, as sequential price hikes have been squeezing demand for its dog snacks and sweet baked goods. Shares of Orrville, Ohio-based company were down about 7 per cent in premarket trading. Packaged food makers, including J.M. Smucker, Kraft Heinz KHC.O and Campbell's Co CPB.O, have been raising product prices to counter higher costs from commodities, such as green coffee, which have hurt their sales. J.M. Smucker is among the firms that have been facing the brunt of the Trump administration's ever-shifting tariff policy, which has disrupted businesses and rattled shoppers worldwide. The company expects annual profit in the range of $8.50-$9.50 per share, compared with analysts' estimate of $10.26 per share, according to data compiled by LSEG. Uncrustables sandwich maker said its fiscal 2026 forecast accounts for the impact from tariffs, changes in consumer behaviors as well as ongoing input inflation. For the fourth quarter, the company posted net sales of $2.14 billion, compared with the estimate of $2.19 billion. The company's net sales in the quarter were hurt by declines in its pet foods, baked snacks as well as frozen handheld and spreads businesses in the United States. Net sales in its pet foods segment, which accounts for about 19 per cent of its total revenue, decreased 12.6 per cent, while the frozen foods segment dipped 0.2 per cent, compared to a year ago. (Reporting by Anuja Bharat Mistry in Bengaluru; Editing by Vijay Kishore)
Reuters
6 hours ago
- Business
- Reuters
Packaged food maker J.M. Smucker forecasts annual profit below estimate
June 10 (Reuters) - Jif peanut butter maker J.M. Smucker (SJM.N), opens new tab forecast annual profit below the estimate on Tuesday, as sequential price hikes have been squeezing demand for its dog snacks and sweet baked goods. Shares of Orrville, Ohio-based company were down about 7% in premarket trading. Packaged food makers, including J.M. Smucker, Kraft Heinz (KHC.O), opens new tab and Campbell's Co (CPB.O), opens new tab, have been raising product prices to counter higher costs from commodities, such as green coffee, which have hurt their sales. J.M. Smucker is among the firms that have been facing the brunt of the Trump administration's ever-shifting tariff policy, which has disrupted businesses and rattled shoppers worldwide. The company expects annual profit in the range of $8.50-$9.50 per share, compared with analysts' estimate of $10.26 per share, according to data compiled by LSEG. Uncrustables sandwich maker said its fiscal 2026 forecast accounts for the impact from tariffs, changes in consumer behaviors as well as ongoing input inflation. For the fourth quarter, the company posted net sales of $2.14 billion, compared with the estimate of $2.19 billion. The company's net sales in the quarter were hurt by declines in its pet foods, baked snacks as well as frozen handheld and spreads businesses in the United States. Net sales in its pet foods segment, which accounts for about 19% of its total revenue, decreased 12.6%, while the frozen foods segment dipped 0.2%, compared to a year ago.
Bloomberg
02-06-2025
- Business
- Bloomberg
Campbell's Organic Sales Gain as Consumers Eat In More
Campbell's Co. 's organic sales returned to growth last quarter as penny-pinching consumers opted to eat in more. The maker of Goldfish posted organic sales growth of 1% in its fiscal third quarter, beating the average estimate calling for a fourth consecutive quarter of declines. The gain comes as its meals and beverages unit benefited from consumers cooking more at home.
CTV News
02-06-2025
- Business
- CTV News
Canned soup maker Campbell's beats estimates as eat-at-home trend boosts demand
A can of Campbell's soup is shown on Tuesday, Dec. 3, 2024, in New York. (AP Photo/Peter Morgan) Prego pasta sauce maker Campbell's Co beat third-quarter sales and profit estimates on Monday, helped by strong demand for its popular canned food and soups as consumers increasingly prefer to eat at home in the face of an uncertain economy. Fears of a potential recession and price hikes triggered by the imposition of hefty tariffs dented consumer sentiment in the U.S. and prompted people to be more judicious in their spending patterns, including trading down to cheaper brands and ditching costly dine-outs. 'Consumers are cooking at home at the highest levels since early 2020 and turning to our brands for value, quality and convenience,' said Campbell's CEO Mick Beekhuizen. The company maintained its fiscal 2025 forecast for net sales growth in the range of 6 per cent and 8 per cent. It, however, projected annual adjusted profit per share to be at the lower end of its prior forecast range of $2.95 and $3.05, owing to weak demand for snacks. Campbell's, which excluded tariffs from its forecast, expects a hit of between 3 cents and 5 cents per share, accounting for levies currently in place. Volumes for the company's meals and beverages unit rose 7 per cent during the quarter ended April 27, while its snacks business reported a 5 per cent fall. Campbell's has introduced new products such as the Milano white chocolate cookie through its Pepperidge Farm brand and Pop'ums, a snack hybrid combining pretzels and popcorn, to revive demand in its snacks business. Its net sales rose 4 per cent to $2.48 billion during the quarter, compared with analysts' average estimate of $2.43 billion, according to data compiled by LSEG. Adjusted per-share profit of 73 cents also surpassed the estimate of 66 cents. Shares of the company, which have fallen about 18 per cent so far this year, were flat in premarket trading. (Reporting by Neil J Kanatt in Bengaluru; Editing by Shilpi Majumdar)
