Jam and peanut butter maker J M Smucker as announced sharp rises in net earnings and sales, following its takeover of International Multifoods in June.
Net sales in the third quarter of the 2005 fiscal year, which ended 31 January 2005, were $550 million, compared with $343 million in the same period a year earlier. Net income was $36 million, compared with $31 million.
The acquired Multifoods businesses contributed $187.6 million to sales in the third quarter of 2005, the company said. Excluding the contribution of Multifoods, sales were up 5%. Income from continuing operations was $35.5 million, an increase of 14% over $31.1 million in last year’s third quarter.
“Our Smucker’s, Jif and Crisco brands experienced good sales growth in the quarter and the new brands we acquired from Multifoods continued to perform well,” said Tim Smucker, chairman and co-chief executive officer.
The J. M. Smucker Company produces fruit spreads, peanut butter, shortening and oils, ice cream toppings, and health and natural foods beverages in North America. In June 2004 it took over International Multifoods, adding such brands as Pillsbury baking mixes and ready-to-spread frostings; Hungry Jack pancake mixes, syrups and potato side dishes; and Martha White baking mixes and ingredients in the US, along with Robin Hood flour and baking mixes and Bick’s pickles and condiments in Canada.