Wires

J.M. Smucker cuts FY forecast, misses quarterly sales estimate

Nov 22 (Reuters) - J.M. Smucker Co missed quarterly sales estimates and cut its full-year adjusted profit and net sales forecasts, hurt by weak demand for its premium dog foods.

The company said on Friday it now expects to earn between $8.10 and $8.30 per share for fiscal 2020, compared with its prior forecast range of $8.35 to $8.55.

Net sales fell to $1.96 billion from $2.02 billion in the second quarter ended Oct. 31. Analysts on average had expected sales of $1.97 billion, according to IBES data from Refinitiv.

Net income rose to $211.2 million, or $1.85 per share, from $188.5 million, or $1.66 per share, a year earlier. (Reporting by Praveen Paramasivam in Bengaluru; Editing by Maju Samuel)