J.M. Smucker (NYSE: SJM) shares climbed more than 7% intra-day Thursday after the company reported third-quarter results that exceeded expectations, supported by higher net pricing in coffee and Uncrustables sandwiches.
The company generated third-quarter sales of $2.34 billion, a 7% increase year over year and above analyst estimates of $2.32 billion. Adjusted earnings per share came in at $2.38, topping forecasts of $2.27.
Looking ahead, J.M. Smucker projected fiscal 2026 net sales growth of 3.5% to 4.0%, slightly narrowing its prior outlook of 3.5% to 4.5% due to the estimated impact of a fire at its Emporia, Kansas manufacturing facility in February. The company maintained its annual adjusted earnings per share guidance of $8.75 to $9.25.
In a separate development, J.M. Smucker appointed two executives with financial and food industry expertise as part of a cooperation agreement with activist investor Elliott Investment Management. The board changes were made pursuant to the settlement reached with Elliott.
