Lastly, leading manufacturer of consumer food products, J.M. Smucker Co. (SJM, Financial) declined -4.56% on mixed earnings results. While top line sales were pressured by continuing softness for premium dog food offerings, the company delivered EPS growth ahead of expectations. We believe this performance highlights management’s commitment to maintain financial discipline and strengthen its bottom line. At today’s valuation, we see the risk/reward skewed sharply to the upside.
From John Rogers (Trades, Portfolio)' Ariel Fund fourth-quarter 2019 commentary.
