Peanut butter and jelly maker JM Smucker has posted a leap in quarterly earnings, which were boosted by the integration of its Folgers coffee business and improved margins.
For the third quarter, ended 31 January, the company posted net income of US$135.5m, or $1.14 a share, up from $77.9m, or 68 cents a share, last year.
Excluding items related to restructuring and merger costs, earnings rose to $1.17 from 87 cents.
Net sales increased 2% during the period, despite increased promotional spending, rising to $1.21bn. Volume increased 4% with gains in home baking and peanut butter.
Folgers, a coffee business acquired last year, contributed $510.3m to net sales in the third quarter, compared with $468.5m last year. Gross margin rose to 38% from 33.9%.
Smucker raised its full-year earnings outlook to $4.02 to $4.07 a share, excluding M&A costs, from its previous range of $3.95 and $4.05 a share.
"We delivered record results once again this quarter, driven by a successful Fall Bake and Holiday period, with volume and sales gains across most of our brands," said Richard Smucker, executive chairman and co-CEO.
For the full press release, click here, or check back later for just-food's post-conference call analysis.
Sectors: Baby food, Bakery, Convenience food, Snacks
Companies: JM Smucker
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