J.M. Smucker shares fell to levels not seen since October 2014 on Thursday after posting weaker-than-expected quarterly earnings and issuing full-year profit guidance that was well below estimates.
The stock plummeted as much as 9 percent as the packaged-food company claimed "industry-wide headwinds" affected their earnings. Smucker shares were down 4.6 percent as of 11:09 a.m. ET and are down about 20 percent this year.
The company said it earned $1.93 per share in its fiscal fourth quarter — below Street estimates of $2.18 per share. Sales of consumer foods, such as Crisco and Pillsbury, fell 2 percent in the quarter. Smucker has been dealing with issues related to price hikes for Jif peanut butter and Crisco cooking oil as well as higher freight costs.
Smucker also said it expects full-year earnings per share to range between $8.40 and $8.65, falling short of a Reuters average estimate of $9.22.
The name-brand company has been under pressure recently as Canada