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.
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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.
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