US food company JM Smucker has reported a 27% rise in quarterly net income as sales were boosted by the company’s June acquisition of International Multifoods.
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The company posted net income of US$32.8m, or 60 cents per share, for the first quarter to 31 July, compared to $25.8m, or 51 cents per share, in the year-ago period.
Income from continuing operations was $27.5m, an increase of 9% over $25.2m in last year’s first quarter. The company sold its Australian-based Henry Jones Foods (HJF) business and is planning to divest the US foodservice business acquired as part of International Multifoods, which it acquired on 18 June this year. Results for both of these businesses were reported as discontinued operations
Company sales were $415.8m for the first quarter of 2005, up 22% compared to $341.9m in the first quarter of 2004. The acquired Multifoods’ businesses contributed $75.5m to sales in the first quarter of 2005. Excluding the contribution of the Multifoods’ brands, higher sales of branded products were offset by declines in non-branded industrial sales, the company said.
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