Smucker income up significantly in second quarter

by Bakingbusiness Staff
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ORRVILLE, OHIO — With strength from operations of The Folgers Coffee Co., net income for The J.M. Smucker Co. rose 172% during the second quarter.

For the quarter ended Oct. 31, the company had an income of $139,990,000, equal to $1.18 per share on the common stock, which compared with income of $51,453,000, equal to 94c per share, during the same quarter of the previous year. Sales for the quarter were $1,278,745,000, up 52% from $843,142,000 during the same quarter of the previous year.

"Achieving another quarter of record results further affirms our strategy of owning and marketing center-of-the-store, number one food brands," said Tim Smucker, chairman of the board and co-chief executive officer. "In support of our brands, we recently introduced new advertising, increased media support and implemented multi-brand promotional events across our portfolio. Consumers continue to respond well to our brands, our product innovations and the value we bring in helping to provide memorable meals and moments for their families."

For the six months ended Oct. 31, the company had an income of $238,053,000, equal to $2 per share, up 154% from $93,744,000, equal to $1.71 per share, during the same period of the previous year. Net sales were $2,330,271,000, up 55% from $1,506,799,000 during the same period of the previous year.

"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," said Richard Smucker, executive chairman and co-chief executive officer. "We recently celebrated the one-year anniversary of the Folgers merger and appreciate the efforts of our employees in quickly achieving all key integration milestones. We continue to expect good performance from our portfolio."

The company is raising its full-year outlook to between $3.95 and $4.05 per diluted share, an increase from the previous range of $3.65 to $3.80.

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