J.M. Smucker (SJM) stock was down about 3%, to $133.64, in Friday morning trading after reporting a bigger-than-expected drop in revenue for the fiscal 2017 third quarter.
Before the market open, the Orrville, Ohio-based food company said revenue fell 5% year over year, to $1.88 billion, below the FactSet consensus of $1.92 billion.
The revenue decline was driven by weakness in coffee and pet foods, the company said in a statement. Coffee sales were down 7%, to $538 million in the quarter, while pet food sales fell 4%, to $551 million.
Adjusted earnings decreased 2%, to $2 a share, in line with analysts' estimates.
"Accelerating the realization of synergies and a concentrated effort to reduce costs across the company support our ability to deliver bottom-line growth, despite the top-line softness in our business and across the industry," CEO Mark Smucker said in a statement.