WASHINGTON (dpa-AFX) - Food and beverage maker The J.M. Smucker Co. (SJM) reported its third-quarter earnings of $261.5 million or $2.32 per share, up from $187.4 million or $1.64 per share in the comparable quarter last year.
Excluding items, adjusted earnings of $2.45 per share beat the average estimate of analysts polled by Thomson Reuters at $2.19 per share. Analysts' estimates typically exclude special items.
Net sales in the quarter also increased to $2.077 billion from $1.972 billion in the same quarter a year ago. The consensus estimate was for $2 billion.
Looking forward to the full year 2021, the company raised its earnings as well sales growth outlook.
The company now expects 2021 revenue growth of 2%, up from 0% - 1% rise provided earlier and adjusted earnings per share are expected between $8.70 and $8.90 compared with prior guidance of $8.35 to $8.65.
On average 13 analysts expect the company to report earnings of $8.73 per share on revenue of $7.83 billion for the period.
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