US food company J M Smucker has reported higher quarterly sales and earnings, boosted by the June 2004 acquisition of International Multifoods.
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The company reported net income of US$38.0m, or 65 cents per share, for the second quarter to 31 October, compared to $32.1m, or 64 cents per share, a year earlier. Company sales were $588.9m for the second quarter, up 57% compared to the year-ago period. The acquired Multifoods businesses contributed $209.2m to sales in the second quarter. In the company’s existing business, increased sales of branded products were partially offset by declines in the oils business and the impact of planned sales rationalisation.
“The performance of our brands was strong and exceeded our expectations for the quarter,” said Tim Smucker, chairman and co-chief executive officer.
“Sales for the Smucker’s and Jif brands increased, and Pillsbury, with an exciting array of new products, performed well during the initial phase of the important Fall Bake period. We are already starting to see the benefits of our investments behind our newly acquired brands and are encouraged by the early results. The integration of the business remains on-track and we look forward to further opportunities as we complete the process,” he added.
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By GlobalData
