J.M. Smucker Co. (NYSE:SJM) shares fell around 5% on Wednesday after the packaged food company delivered first-quarter results that matched expectations but issued a profit outlook that missed forecasts.

The company posted earnings of $1.90 per share, in line with consensus, while revenue was $2.11 billion, also matching expectations but down 1% year-over-year. Excluding divestitures and currency impacts, net sales grew 2%.

Smucker raised its full-year net sales growth forecast to 3%-5% from 2%-4% and increased free cash flow guidance to $975 million from $875 million. However, fiscal 2026 EPS was projected at $8.50-$9.50, below analyst consensus of $9.17 at the midpoint.