ORRVILLE, Ohio (AP) - J.M. Smucker Co., the nation's top maker of jams and jellies and now into the coffee market, said Friday that its earnings rose 3 percent in its second fiscal quarter, due to price increases and families choosing to have meals at home in hard times.
Smucker earned $51.5 million, or 94 cents per share, for the quarter ended Oct. 31, compared with earnings of $50.2 million, or 87 cents per share, for the year-ago quarter.
Excluding one-time costs, Smucker earned $1.02 per share. The consensus forecast of analysts surveyed by Thomson Reuters was for $1.01 per share. Those estimates generally exclude one-time charges.
Sales rose 19 percent to $843.1 million from the $707.9 million a year ago.
"The number of meals prepared and consumed at home, as recent market data indicate, continues to be trending upward in this challenging economic environment, and is currently at levels not seen since 1994," said Tim Smucker, the company's chairman and co-chief executive officer.
In addition to its namesake jams, Smucker brands include Folgers, Jif, Crisco, Eagle Brand and Hungry Jack.
The company reaffirmed its full-year earnings forecast, saying it still anticipates a profit between $3.45 and $3.50 per share, which excludes restructuring and other costs. The outlook includes the company's acquisition of Folgers coffee, which it acquired from Procter & Gamble Co. earlier this month. Analysts expect $3.47 per share.
Smucker predicts revenue of $3.8 billion to $4 billion, while analysts forecast sales of $3.85 billion, for the year ending in April.
Through the first half of the company's fiscal year, Smucker earned $93.7 million, or $1.71 per share, on sales of $1.51 billion. In the prior year first half, the company earned $90.9 million, or $1.58 per share, when sales were $1.27 billion.
Smucker shares rose $2.75, more than 7 percent, to $41 in afternoon trading. |