US jellies and spreads maker JM Smucker has seen its second-quarter profits more than double, as the company benefited from its Folgers Coffee acquisition and consumers increasingly eating at home.
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The company today (20 November) booked earnings of US$140m in the quarter ended 31 October, up from $51.5m last year.
Net sales grew 52% to $2.33bn in the period, up from $1.51m last year. Domestic retail coffee sales from the Folgers Coffee acquisition and Dunkin’ Donuts coffee contributed $445.1m.
Excluding Folgers, sales gains were primarily led higher Pillsbury, Crisco, Jif, and Hungry Jack sales in the US, Smucker said.
“With strong momentum in the first half of the year, and confidence in our strategy and our ability to execute this strategy, we are raising our outlook for the year,” added Richard Smucker, executive chairman and co-CEO.
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By GlobalDataLooking to the full year, Smucker raised it profit guidance to a range of $3.95-4.05 per share, up from its previous range of $3.65-3.80. The company predicted sales of about $4.5bn in the 12 months.
Click here for the full financial release, or check back later for just-food’s post-conference call analysis.
