Smucker income up 17% on acquisition

by Staff
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ORRVILLE, OHIO — Boosted by contributions from its acquisition of the Sara Lee food service business, income for the J.M. Smucker Co. was up 17% during the second quarter.

For the quarter ended Oct. 31, the company had income of $148,847,000, equal to $1.36 per share on the common stock, which compares with income of $127,247,000, or $1.12 per share, during the same quarter of the previous year. Sales for the quarter were $1,628,746,000, up 8% from $1,513,905,000 during the same quarter of the previous year.

“We delivered another strong quarter of solid sales and earnings growth,” said Richard Smucker, chief executive officer. “Our long-term strategy continues to serve us well in consistently delivering results. Our iconic brands are trusted and have demonstrated their strength and resilience. We have a team of highly talented employees that are fully committed to our culture and to implementing our strategy. All of which point to our company being well-positioned for continued profitable growth.”

The U.S. Retail Consumer Foods segment had a profit of $111.1 million, down 4% from $116 million during the same quarter of the previous year. The segment had sales of $619.3 million, up 1% from $615.2 million during the same quarter of the previous year.

The U.S. Retail Coffee segment had profit of $158.2 million, up 13% from $140 million during the same quarter of the previous year. The segment had sales of $622.5 million, up 1% from $617.5 million during the same quarter of the previous year.

For the six months ended Oct. 31, income increased 9% to $259,710,000, or $2.37 per share, which compared with $238,770,000, or $2.09 per share, during the same period of the previous year. Sales for the six months were $2,998,449,000, up 11% from $2,702,788,000.

The company said the acquired Sara Lee food service business contributed $90.7 million and $117.3 million to net sales for the three and six months ended Oct. 31, respectively.

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