NEW YORK, NY / ACCESSWIRE / November 29, 2018 / New Age Beverages shares were jumping despite any news from the company while J.M. Smucker Company shares sank on disappointing second quarter financial results.
The Market Edge Initiates Coverage on:
New Age Beverages Corporation https://marketedgereport.com/report/NBEV/
The J. M. Smucker Company https://marketedgereport.com/report/SJM/
New Age Beverages Corporation shares closed up a little over 22% on almost 19.5 million shares traded on Wednesday. There was no immediate news from the beverage company that is preparing to launch a line of CBD infused drinks. It was earlier this month that the company reported third quarter financial results. For the quarter, the company saw revenue of $15.3 million, a decrease from the $16.8 million in the year ago quarter. Loss per share was $0.08 compared to a loss of $0.01 in the same period a year ago. At the time, CEO Brent Willis said, “Now, with the distribution breadth of our core brands and our ability to fulfill demand, the impending launch of our CBD portfolio, and next steps with strategic growth opportunities, we are confident in our ability to continue to drive excellent return for shareowners.”
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The J. M. Smucker Company shares closed down 7.24% on almost 5 million shares traded yesterday. The slump came after the company reported second quarter financial results. For the quarter, the jelly maker reported earnings per share of $2.17. Some analysts were waiting for $2.33 a share. In the year ago quarter the company had reported $2.02 a share. The company also lowered its profit expectations and sales forecast moving forward. CEO Mark T. Smucker was optimistic during the earnings call and said, “We are pleased with the results for our business this quarter. While they were in line with our expectations, our efforts to support our balanced portfolio of brands continues to bear fruit. Our focus on adapting to consumer preferences was reflected in robust performance by key growth brands, which in total were up 12% this quarter. Sales for Nutrish premium pet food were up 23% over the prior year.” Susquehanna analyst Pablo Zuanic remarked, “The stock had outperformed into the quarter, so it will likely be pressured today, but we continue to recommend the stock given the ongoing pivot to better growth and more premium products.”
Access The Market Edge’s The J. M. Smucker Company Research Report: https://marketedgereport.com/report/SJM/
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SOURCE: The Market Edge