US peanut butter and jam maker J M Smucker has reported a 10% rise in quarterly income, helped by higher sales and lower net interest.
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The company posted net income of US$32.1m for the second quarter to 31 October, compared to net income of $29.1m a year earlier.
“Lower net interest and a modest decrease in the effective tax rate, along with increased sales, contributed to the increase in earnings,” the company said.
J M Smucker said sales were $386.0m for the second quarter, up 5% from $367.0m in the year-ago quarter.
The Jif peanut butter and Crisco shortening brands contributed $190.1m to sales, up nearly 10% from $173.4m the year earlier quarter.
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By GlobalData“We are pleased with our performance for the quarter… The categories in which we participate remain strong and more importantly, our Smucker’s, Jif and Crisco brands continue to gain market share,” said Richard Smucker, president, co-chief executive officer and chief financial officer.
