Shares of J.M. Smucker(SJM Quote) were among the NYSE's losers Monday, falling 7% after the jam maker posted first-quarter results that fell short of Wall Street expectations.
The company reported earnings of $29.9 million, or 51 cents a share, on sales of $510.3 million. Excluding merger and restructuring charges, the company would have earned 56 cents a share. Analysts surveyed by Thomson First Call were expecting earnings of 63 cents a share on sales of $516.3 million. A year ago, the company earned $27.5 million, or 50 cents a share, on sales of $413.3 million. Excluding items, the company would have earned 57 cents a share a year ago.
Looking ahead, J.M. Smucker reaffirmed its fiscal 2006 outlook. The company expects long-term earnings growth of about 10% and sales of $2.16 billion. Analysts are expecting earnings of $2.83 a share on sales of $2.19 billion. Shares were trading down $3.32 to $44.70. ...
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