US food group JM Smucker has booked a 3% decline in profit for its third quarter, as charges dented higher sales.

The Pillsbury marker saw third-quarter net income slide to US$132m, or $1.11 per share, down from $135.5m, or $1.14 a share, for the comparable period of last year.

Profits during the three months to 31 January were hit by restructuring, merger and integration costs and, excluding one off items, earnings per share would have risen to $1.27, up from $1.14.

Net sales rose 9% in the three months, climbing to $1.31bn. Gains were driven by a 3% rise in volume and a 4% uplift from pricing.

Despite the third-quarter charges, Smucker’s year-to-date income was still up 3%, climbing to $373.5m.

Looking to the remainder of the year, the company lifted the lower end of its earnings guidance to 4.60-$4.65 per share. Previously, Smucker had predicted an earnings range of  $4.55-$4.65 per share.

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