(RTTNews) - While reporting financial results for the first quarter of fiscal 2020 on Tuesday, J. M. Smucker Co. (SJM) lowered its adjusted earnings and net sales growth guidance for the full-year 2020.
For fiscal 2020, the company now projects adjusted earnings in a range of $8.35 to $8.55 per share on net sales change range between a decline of 1 percent and flat.
Previously, the company expected adjusted earnings in the range of $8.45 to $8.65 per share on net sales growth of 1 to 2 percent.
Net sales outlook incorporates the loss of $105.9 million of sales in the first four months of fiscal 2019 related to the divested U.S. baking business and $25.4 million of incremental noncomparable sales for Ainsworth. On a comparable basis, net sales are expected to range from flat to up 1 percent.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $8.47 per share on a sales growth of 0.2 percent to $7.86 billion for the year. Analysts' estimates typically exclude special items.
The company noted that the financial results include the contribution from Ainsworth Pet Nutrition, LLC, which was acquired on May 14, 2018, and reflect the divestiture of the company's U.S. baking business on August 31, 2018.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.