ORRVILLE, OHIO – High single-digit sales growth for its Uncrustables brand helped lift the J.M. Smucker Co. to a 1% sales increase in the second quarter ended Oct. 31.
Orrville-based Smucker posted net income of $194.6 million, equal to $1.71 per share on the common stock, which was up 10% from $177.3 million, or $1.52 per share, in the previous year’s second quarter. Net sales of $1,923.6 million compared with $1,913.9 million.
The Uncrustables brand is part of the company’s International and Away From Home segment, which had a net sales increase of 5% and a profit increase of 4%. Within the segment, contributions from favorable volume/mix and foreign currency exchange were offset partially by expenses related to the construction of the Smucker’s Uncrustables production facility in Longmont, Colo.
|Mark Smucker, president and c.e.o. of Smucker|
“When complete in fiscal 2020, we will have the capacity to double net sales (for Uncrustables) from the $250 million level we project for the current fiscal year,” said Mark T. Smucker, president and chief executive officer, in a Nov. 16 earnings call.