JM Smucker's first quarter net profit has been boosted by performance of new products and its acquisition of Big Heart Pet Brands.
The Jif owner reported an 18% jump in net profit to US$136.4m for the quarter ended 31 July.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
On a per-share basis earnings were $1.32, adjusted for one-off items. This exceeded Wall St expectations of $1.22 per share.
Operating profit increased 39% to $267.1m. On a non-GAAP basis it was up 37% to $303.1m. Sales were up 47% to $1.9bn again beating analyst forecasts of $1.89bn.
For its retail consumer foods division, Smucker reported flat net segment sales of $582.2m, impacted by a price decline on the Jif brand in November 2014.
For the full year, Smucker has forecast earnings per share of $5.65 to $5.80 and revenue of $8bn. Included in the earnings guidance range is $25m of synergies related to the Big Heart acquisition, which will be mostly realised in the back half of the year, the firm said.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
