J.M. Smucker Co.’s latest finances and revamped outlook for the year left a bad taste in the mouths of investors.

Shares in the Orrville maker of pet and people food sold off Tuesday after Smucker reported lower than expected earnings and revenue.

On top of that, the company also lowered its earnings guidance for the year.

Shares closed down $9.24, or 8.2 percent, to $103.69. Over the past 52 weeks, shares have ranged from a low of $91.32 to a high of $128.43.

Mark Smucker, the company’s chief executive officer, apologized for what he called unacceptable results that missed the company’s expectations, calling it at one point a “hiccup.”

The Orrville company said Tuesday it was hurt by coffee and peanut butter pricing, shipment issues and more for its fiscal 2020 first quarter ending July 31.

The company earned $154.6 million, or $1.36 a share, on revenue of $1.8 billion; revenue was down in part because the company sold off its baking products business last year. That compares to net income of $133 million, or $1.17 a share, on revenue of $1.9 billion for the first quarter of 2019.

The company reported adjusted earnings per share of $1.58, down 11% from $1.78 in the first quarter a year ago.

Both earnings and revenue fell short of analyst expectations. Smucker released its first quarter results before the stock market opened.

"Our first quarter performance fell short of our expectations primarily due to the timing of shipments and deflationary pricing in the coffee and peanut butter categories, as well as competitive activity in the premium dog food category," Smucker said in a news release.

U.S. retail pet food sales totaled $669.9 million in the quarter. U.S. retail consumer food sales totaled $402.2 million.

"We have continued momentum in many key product categories, and we are already taking decisive actions and prioritizing initiatives that strengthen our business,” Smucker said. “We remain confident in our strategy, which includes a continued focus on our growth imperatives to lead in the best categories, build brands consumers love, and be everywhere, combined with a relentless focus on operating with financial discipline, all of which will enhance shareholder value for the long term."

The company is executing on plans to address the recent performance, Smucker told industry analysts in a conference call.

The company is reprioritizing company-wide initiatives, reducing or eliminating discretionary expenses, and evaluating marketing programs, he said.

The company also is making progress on long-term growth plans, he said.

For example, the company is on track to increase sales of Uncrustables frozen sandwiches from $300 million in 2019 to more than $500 million within the next few years, Smucker said.

He told analysts that "clearly, we had a hiccup" in the first quarter but still feels that the company's strategy is right.

The company said it now expects to have adjusted earnings per share for the full year between $8.35 to $8.55. Previous guidance was $8.45 to $8.65.

Revenue for the year is expected to be flat to down 1%; previous guidance was an increase of 1% to 2%.

Jim Mackinnon covers business. He can be reached at 330-996-3544 or jmackinnon@thebeaconjournal.com. Follow him @JimMackinnonABJ on Twitter or www.facebook.com/JimMackinnonABJ