J.M. Smucker Co SJM, -1.45% said Tuesday its first-quarter profit fell 29% to $109.8 million, or $1.03 a share, from $153.9 million, or $1.42 a share, in the year-ago quarter. The jelly maker’s adjusted profit fell 12% to $1.67 a share as the company absorbed the impact of its Jif peanut butter product recall. Revenue dipped 1% to $1.873 billion. Analysts were expecting Smucker to earn $1.27 a share on revenue of $1.871 billion, according to FactSet data. Looking ahead, Smucker raised its fiscal 2023 adjusted profit target to $8.20 to $8.60 a share, from its earlier estimate of $7.85 to $8.25 a share. Analysts have been expecting 2023 adjusted profit of $8.03 a share. Shares of J.M. Smucker rose 0.2% in premarket trades. The stock is up 1.4% in 2022 compared to a loss of 13.2% by the S&P 500 SPX, -2.14%.
