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Smucker's Profits Plunge as Coffee Profits Shrink
27 Aug
Summary
- Paramount Skydance stock drops for 4th straight day
- Smucker's Q1 earnings and revenue miss, warns of 25% EPS decline
- Donaldson beats Q4 estimates, lifts profit and sales guidance
In the latest market moves, Paramount Skydance, the parent company of CBS, has seen its stock lose more than 5% over the past four days, as it gives back some of its sharp gains from August. Meanwhile, food manufacturer J.M. Smucker has reported weaker-than-expected fiscal first-quarter results, with net income and revenue trailing Wall Street estimates. The company also warned that second-quarter adjusted earnings per share will fall about 25% largely due to smaller coffee profits.
On a more positive note, Donaldson, a maker of air and liquid filters, has jumped more than 7% after its fiscal fourth-quarter earnings and revenue topped analyst estimates, and it lifted profit and sales guidance for the coming fiscal year above previous forecasts. Additionally, Elanco Animal Health has climbed nearly 4% after being added to the S&P Midcap 400 index.
