USA: J M Smucker posts rise in Q1 profit
US food company J M Smucker has posted a rise in quarterly profit, helped by sales of Jif Peanut Butter and Crisco shortening, brands purchased by the company last year.
Ohio-based Smucker reported profit of US$25.8m, or 51 cents a share, for the first quarter to 31 July, compared with $16.0m, or 39 cents a share, a year earlier.
Excluding restructuring costs in the current quarter and merger costs a year earlier, profit rose to 55 cents a share from 46 cents a share a year earlier. Analysts had been expecting, on average, 50 cents a share, reported Reuters.
Smucker’s sales rose 27% to $350.3m.
The company backed its guidance of full-year profit of $105m to $108m, on revenue up 6% to $1.4bn.
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