J.M. Smucker (NYSE:SJM) issued a disappointing earnings forecast for fiscal 2026, falling short of Wall Street expectations and highlighting growing pressure from trade-related uncertainty. As a result, the shares fell over 12% intra-day today.

The company now anticipates adjusted earnings per share in the range of $8.50 to $9.50—well below the analyst consensus of $10.25. The maker of household staples like Smucker's jam and Folgers coffee cited a volatile macroeconomic backdrop and evolving trade dynamics as key challenges. This cautious outlook reflects anticipated consumer pullback on discretionary spending, driven in part by concerns over new U.S. tariffs.

Annual net sales are projected to rise by 2% to 4%, a figure that includes the negative impact of the company’s recent divestiture of its Voortman cookie brand. Smucker also expects free cash flow to come in at approximately $875 million.

For the fiscal fourth quarter, the company reported net sales of $2.14 billion, a 3% decline year-over-year and slightly below analyst expectations of $2.18 billion. However, adjusted operating income beat forecasts at $422.4 million, though it was down 8.5% from the prior year. Adjusted EPS came in at $2.31, ahead of the $2.25 estimate but lower than last year’s $2.66.