US food group JM Smucker posted an increase in first-quarter profit today (21 August) and said its full-year earnings will come in at the higher end of its outlook.
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Net income for the three months ended 31 July reached US$98.1m compared with $42.3m a year ago.
Revenue rose 58% to $1.05 billion with the addition of the Folgers coffee business and on strong volume gains across the company’s US retail businesses.
Operating income more than doubled compared to the first quarter of 2009, and improved from 10.8% to 16% of net sales.
The company reaffirmed its outlook for the year. Net sales are expected to reach around $4.5bn. Income per diluted share is expected to range between $3.65 and $3.80.
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By GlobalDataClick here for the full first-quarter release from JM Smucker and click here for post-conference call comment from the company’s management.
