Shares of branded foods and beverages provider J. M. Smucker Company (NYSE:SJM) are trending higher today after its robust second-quarter performance.
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Revenue rose 7.8% year-over-year to $2.21 billion, outperforming estimates by $30 million. EPS at $2.40 comfortably cruised past estimates by $0.22.
The company continues to see business strength and brand demand and has upped its fiscal 2023 outlook. It now expects net sales to increase between 5.5% and 6.5% versus earlier estimates of growth between 4% and 5%.
Further, EPS is now seen landing between $8.35 and $8.75. SJM had earlier expected the figure to range between $8.20 and $8.60.
SJM shares have now gained nearly 14% over the past six months. Meanwhile, analysts have a consensus rating of Moderate Sell on the stock based on a Buy, five Holds, and four Sells.
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