Top-line declines reflect center-store challenges that threaten Smucker’s competitive standing.
After its tepid second-quarter earnings report, we anticipate reducing our $109 per share valuation for narrow-moat Smucker by less than 5%. Sales have trailed our expectations thus far in fiscal 2017, with the 5% dip (adjusted for the canned milk divestiture) trailing our call for a roughly flat top line over the full year. However, Smucker has posted 176 basis points of adjusted operating margin expansion to date, which is ahead of our 109-basis-point forecast for the full year (17.5% versus f...Smucker (J.M.) manufactures and markets food and beverage products. The company's principal products are coffee, dog food, pet snacks, cat food, peanut butter, fruit spreads, frozen handheld products, shortening and oils, portion control products, juices and beverages, and flour and baking ingredients. The company has four reportable segments: U.S. Retail Coffee, U.S. Retail Consumer Foods, and U.S. Retail Pet Foods, and International and Away From Home. The U.S. retail market segments represent the sales of food and beverage products to consumers through retail outlets in North America. The International and Away From Home segment represents sales outside of the U.S. retail market segments.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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