Shares of J.M. Smucker (SJM) tumbled 5.42% in pre-market trading on Wednesday following the release of its fiscal 2026 first-quarter results. The company reported mixed performance, with earnings falling short of analyst expectations while beating estimates on adjusted operating income.

J.M. Smucker posted an adjusted earnings per share (EPS) of $1.90, missing the IBES estimate of $1.93. However, the company's adjusted operating income came in at $370.3 million, surpassing the expected $356.4 million. Sales for the quarter were $2,113.3 million, slightly below the anticipated $2,115 million. Notably, the company reported a net loss of $43.9 million for the quarter.

Adding to investor concerns, J.M. Smucker provided a full-year adjusted EPS guidance range of $8.50 to $9.50, which appears to be on the conservative side compared to market expectations. The company also announced its capital expenditure outlook for the fiscal year at $325 million. The combination of missed earnings, a quarterly net loss, and a cautious outlook seems to have sparked the significant pre-market sell-off, as investors reassess the company's near-term growth prospects and profitability.