Smucker Posts Mixed 3Q Results as Coffee Demand Weakens

The J.M. Smucker Company's (SJM) third quarter earnings didn't amount to anything too sweet. Earnings per share came in at $1.58, beating expectations of $1.51, but about a 5% drop from the $1.66 earned during the same quarter last year. As for the top line, revenue lagged behind. Sales dropped 2%, to $1.44 billion, though Wall Street was looking for $1.49 billion. The company says sales were hit by higher coffee costs. Revenue in its U.S. coffee space fell 1% during the quarter. As for guidance, the company expects earnings per share to fall short of the midpoint of its previously reported $5.45 to $5.65 by about 3%. TheStreet's Scott Gamm reports from New York.