Jam, jelly and peanut butter maker JM Smucker has seen a 4% increase in first quarter earnings, which were boosted by higher pricing and acquisitions including Carnation and Knott’s Berry Farm.
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Earnings totalled US$42.3m, or $0.77 per share, for the three months to 31 July. In the comparable period of last year, the company posted profits of $40.8m or $0.71 per share.
Sales rose 18% during the quarter, increasing to $663.7m up from $561.1m in the first quarter of fiscal 2007.
“We delivered good sales and earnings growth this quarter, establishing momentum as we enter the Back-to-School and Fall Bake periods,” commented Richard Smucker, president and co-chief executive officer.
“We are particularly pleased that we are experiencing sales growth across most of our brands despite taking significant price increases to offset record raw material costs. Our strategy of owning number one brands and supporting them with consistent investments in marketing and product innovation provides opportunities for continued long-term profitable growth.”
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By GlobalDataSmucker brands include Jif peanut butter, Crisco cooking oil, Pillsbury baking items and Eagle condensed milk.
