Smucker Q1 adj EPS $1.67 (-12% YoY); raises FY23 guidance despite Jif recall

J M SMUCKER Co

2023-Q1 EPS reported $1.03 revenue$1,873,000,000

Net sales $1.873B (+1% YoY); ex-divestitures & FX +4%. Jif recall reduced sales by 9%.
GAAP EPS $1.03 (-27%); adj EPS $1.67 (-12%). Jif recall estimated $0.80 hit to FY EPS.
U.S. Retail Pet Foods sales +13%, profit +51%; U.S. Retail Coffee sales +10%, profit -4%.
U.S. Retail Consumer Foods sales -29% (Jif recall); profit -54%. Intl & Away from Home sales +2%, profit -50%.
FY23 guidance raised: net sales growth 4-5% (prev 3.5-4.5%), adj EPS $8.20-$8.60 (prev $7.85-$8.25).

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