The J.M. Smucker Company (NYSE:SJM) shares slipped in early trading on Tuesday as investors parsed a mixed quarterly update and tightened guidance.

Solid demand for key brands and slightly better sales collided with weaker margins and a more cautious profit outlook.

The company reported second-quarter adjusted earnings per share of $2.20, in line with the analyst consensus estimate.

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Metrics

Quarterly sales of $2.33 billion (+3% year over year) outpaced the Street view of $2.32 billion.

“Our top-line growth was driven by ongoing demand ...