Smucker Beats Earnings

Good news this morning from JM Smucker (SJM). The jelly folks beat earnings thanks to higher prices for several of their product lines. The company earned $2.02 per share last quarter which beat estimates by 12 cents per share. SJM also beat on sales.

The price increases helped drive profit in Smucker’s consumer foods business about 10 percent higher in the quarter ended Oct. 31.

But profit in Smucker’s U.S. coffee business fell 18 percent even as sales rose slightly, bruised by rising costs to buy green coffee.

Smucker said its net income rose 10 percent to $194.6 million or $1.71 per share in the second quarter. Excluding one-time items, the company earned $2.02 per share, beating analysts’ average estimate of $1.90, according to Thomson Reuters I/B/E/S.

Operating margins improved to 17.2 percent from 15.8 percent a year ago thanks to cost-cutting measures.

Net sales rose slightly to $1.92 billion and topped analysts’ expectations of $1.89 billion.

Posted by on November 16th, 2017 at 10:08 am


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