US jelly manufacturer J.M. Smucker has reported fiscal third-quarter net income of US$28m, compared to $7.9m a year earlier.
The company said sales for the third quarter to 31 January rose to $340.8m from $168.4m a year earlier, boosted by the acquisition of the Jif and Crisco brands. Smucker bought the brands, which added $167.6m to its third-quarter sales, from Proctor & Gamble last year.
Smucker said that excluding Jif and Crisco, sales rose 3%.
Sales of the company’s specialty foods rose 30%, while retail sales, excluding Jif and Crisco, increased 4% as the company sold more fruit spreads and natural peanut butter.
Smucker raised its forecast for fiscal 2003 earnings to between $2.10 and $2.14 per share, compared to a previous forecast of between $1.98 and $2.05 per share, reported Reuters.