RTTNews | Aug 26, 2021 07:17AM EDT

07:17 Thursday, August 26, 2021 (RTTNews.com) - While reporting financial results for the first quarter of fiscal 2022 on Thursday, consumer goods company J. M. Smucker Co. (SJM) slashed its adjusted earnings guidance for the full-year 2022, while slightly raising net sales growth outlook.

For fiscal 2022, the company now projects adjusted earnings in a range of $8.25 to $8.65 per share on a net sales decline of 2.5 to 1.5 percent. On a comparable basis, net sales are expected to increase approximately 2.5 percent at the mid-point of the net sales guidance range.

Previously, the company expected adjusted earnings in a range of $8.70 to $9.10 per share on a net sales decline of 3 to 2 percent. On a comparable basis, net sales were expected to increase approximately 2 percent at the mid-point of the net sales guidance range.

On average, 16 analysts polled by Thomson Reuters expect the company to report earnings of $8.84 per share on a sales decline of 3.3 percent to $7.74 billion for the year. Analysts' estimates typically exclude special items.

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