The J.M. Smucker Company
) is set to report its first quarter fiscal 2013 results before the
opening bell on August 17, 2012. The Zacks Consensus Estimate for
the first quarter is pegged at $1.00 on revenues of $1.3
Fourth Quarter Recap
Smucker's fourth quarter fiscal 2012 adjusted earnings
(excluding restructuring, merger and integration charges) were
$1.10 per share, exceeding the Zacks Consensus Estimate by 11
cents. Robust sales growth boosted the earnings. The results also
surpassed the prior-year quarter's adjusted earnings of $1.00 per
Net sales in the quarter increased 14% year over year to $1.36
billion. The net sales inched past the Zacks Consensus Revenue
Estimate of $1.35 billion. The increase was primarily driven by
pricing actions and the benefits from acquisitions.
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Smucker Beats, Provides 2013 Outlook
Agreement of Estimate Revisions
Over the past 7 days, two of the 14 estimates for the first
quarter of fiscal 2013 moved up. Moreover, in the last 30 days
three of the 14 estimates moved in the upward direction. None of
the estimates moved down in the last 7 and 30 days.
The upward revision of estimates followed the 8% hike in
dividend to 52 cents per share that was supported by strong cash
flows. The company also announced plans to branch out into
specialty nut butters and launch chocolate and mocha cappuccino
varieties of Jif hazelnut spreads in early fiscal 2013, which are
expected to boost sales in the coming quarters.
Magnitude of Estimate Revisions
Given the upward estimate revisions, the Zacks Consensus
Estimate for the first quarter of fiscal 2013 has moved up by one
cent over the last 7 days to $1.00.
Over the past four quarters, Smucker has surpassed estimates
twice and missed two times, thereby resulting in an average
earnings estimate of a negative 1.47%. The company recorded a
maximum positive surprise of 11.11% in the fourth quarter of fiscal
Orrville, Ohio-based J.M. Smucker Company engages in the
manufacturing and marketing of branded food products in the United
States, Europe and Canada. The stock carries a Zacks #3 Rank (a
short-term Hold rating).
SMUCKER JM (SJM): Free Stock Analysis Report
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