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.
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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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