The J.M. Smucker Company Lowers FY 2012 Guidance

The J.M. Smucker Company announced that due to the impact of the third quarter results and an expected continuation of volume softness in the fourth quarter, as compared to the prior year, the Company is lowering its net sales and earnings guidance for fiscal 2012. Net sales for fiscal 2012 are estimated at $5.5 billion. Fiscal 2012 non-GAAP income per diluted share (EPS) is expected to range from $4.60 to $4.65, excluding special project costs of $0.65 to $0.70 per diluted share, down from the Company's previous estimate of $4.90 to $5.00. While the Company's current estimates reflect the expected net sales contribution from the Sara Lee business, its contribution to earnings is not expected to be material. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report revenue of $5.7 billion for fiscal 2012.