J.M. Smucker Co. shares SJM, -0.15% jumped 1.7% in premarket trade Tuesday, after the parent of Folgers coffee, Cafe Bustelo and Rachael Ray Nutrish blew past earnings estimates for its fiscal second quarter and raised guidance. The company posted net income of $230.8 million, or 2.02 a share, for the quarter to Oct. 31, up from $211.2 million, or $1.85 a share, in the year-earlier period. Adjusted per-share earnings came to $2.39,well ahead of the $2.23 FactSet consensus. Sales rose 4% to $2.034 billion from $1.958 billion, also ahead of the $2.102 billion FactSet consensus. Chief Executive Mark Smucker said the company’s U.S. retail consumer foods and retail coffee businesses were boosted by at-home consumption trends during the pandemic. The company is now expecting fiscal 2021 sales to rise 1% to 2%, up from prior guidance of flat to up 1%. It expects adjusted EPS to range from $8.55 to $8.85, versus earlier guidance of $8.20 to $8.60. The FactSet consensus is $8.64. Shares have gained 11% in the year to date, while the S&P 500 SPX, +0.56% has gained 11%.
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