Shares of J.M. Smucker popped Thursday after its quarterly report – a reminder of what can happen when Wall Street expectations are low heading into the release, CNBC's Jim Cramer said. The owner of Jif, Folgers and its namesake jelly reported adjusted earnings per share of $2.66 in the three months ended April 30, solidly ahead of the $2.33 consensus estimate, according to LSEG. Sales of $2.2 billion were roughly on par with the $2.24 billion estimate.
Even with Thursday's intraday advance, the stock is down more than 14% year to date, underperforming the S & P 500's 12% gain so far this year. Over the past 12 months, Smucker is down around 26%. The stock and other peers in the consumer-packaged goods industry came under pressure last year on concerns around the impact that a new class of weight-loss drugs would have on consumption habits.
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