RTTNews | Aug 25, 2020 10:38AM EDT

10:38 Tuesday, August 25, 2020 (RTTNews.com) - Shares of J M Smucker Inc. (SJM) are gaining almost 8 percent or $8.97 in Tuesday's morning trade at $121.96, after the food products maker reported better-than-expected financial results for the first quarter and also raised its outlook for fiscal 2021.

Tuesday, J M Smucker reported first-quarter net income of $237.0 million or $2.08 per share, up from $154.6 million or $1.36 per share in the year-ago period. Adjusted earnings were $2.37 per share, while analysts polled by Thomson Reuters excepted earnings of $1.67 per share.

Net sales for the quarter grew 11 percent to $1.97 billion from $1.78 billion last year. The Street expected revenue of $1.81 billion.

For fiscal 2021, the company now expects adjusted earnings per share in a range of $8.20 to $8.60, up from the prior guidance range of $7.90 to $8.30 per share. Net sales are now anticipated to range from flat to up 1 percent compared to the prior year. Previously, the company projected net sales to decline in a range of 2 percent to 1 percent. Analysts expect earnings of $8.16 per share for the year.

J M Smucker has traded in a range of $91.88 to $122.49 in the past 52 weeks.

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