AKON, Ohio _ Food- and coffee-maker J.M. Smucker Co. on Tuesday reported a decline in sales but also announced per-share results that beat analysts' forecasts.
Revenue for the first quarter declined to $1.82 billion. That's down 7 percent from the same period last year.
The company's shares dropped 8.1 percent in trading Tuesday, closing at $143.63.
The company, headquartered in Orrville, a city outside Akron, said the sales decline reflects the divestiture of its U.S. canned milk business and price declines.
Profits for the first quarter of this year were $170 million, or $1.46 a share, up from $136.4 million, or $1.14 a share, in the first quarter of last year.
Adjusted earnings-per-share came in at $1.86, up 16 percent from the year-ago adjusted per-share figure. Wall Street analysts had forecast adjusted earnings-per-share of $1.74.
"Despite the impact of deflation on the top line, we remain on track to achieve our original expectations for full-year earnings per share," said Mark Smucker, chief executive officer.
The company maintained its full-year adjusted per-share earnings outlook of $7.60 to $7.75.
