J M Smucker Stock Slides On Gloomy FY23 Outlook - JM Smucker (NYSE:SJM)

J M Smucker Co SJM reported fourth-quarter FY22 sales growth of 6% year-on-year to $2.03 billion, beating the consensus of $1.98 billion.
Net sales excluding divestitures and foreign currency exchange increased 9%.
Adjusted EPS of $2.23 beat the analyst consensus of $1.88.
Gross profit decreased 9% Y/Y to $666.7 million and the gross margin contracted by 550 basis points to 32.8%.
The operating margin expanded 240 basis points to 14.8%, and operating income for the quarter rose 27% to $302 million.
The company held $169.9 million in cash and equivalents as of April 30, 2022. Cash provided by operating activities totaled $393.7 million with a free cash flow of $220.7 million.
Outlook: J M Smucker sees FY23 adjusted EPS of $7.85 - $8.25 (consensus $8.91). It sees net sales increase to be 3.5% - 4.5%.
Price Action: SJM shares are trading lower by 0.78% at $122.30 in premarket on the last check Tuesday.