US: JM Smucker backs FY guidance, Q1 profits slide
By Michelle Russell | 17 August 2012
- Net profits slide 1%
- Operating profits climb 5%
- Net sales up 15%
 |
Commodity cost increases and restructuring costs hit JM Smucker's H1 earnings |
JM Smucker has reaffirmed its full-year guidance despite booking a decline in first-quarter profits.
The US food group today (17 August) recorded earnings of US$110.9m, a 1% decline on the prior year period, as commodity cost increases and restructuring costs hit profits.
Operating profits, however, climbed by 5% to $190.5m, while net sales grew by 15% to $1.37bn.
The company backed its full-year sales guidance and said it now expects earnings to be at the high end of its $5 to $5.10 per share forecast.
"While the environment remains challenging, we continue to drive long-term growth through brand-building, product innovation, acquisitions, and productivity initiatives while maintaining a healthy balance between volume, market share, and profitability," said CEO Richard Smucker.
Sectors: Bakery, Chilled foods, Condiments, dressings & sauces, Financials
Companies: JM Smucker
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