J.M. Smucker (SJM) matched Wall Street’s expectations on Friday with a 17% increase in fiscal second-quarter profits, leading the jam and jelly maker to boost its full-year guidance.

However, Wall Street frowned at the results, driving shares of the maker of Pillsbury products, Jif peanut butter and Folgers coffee down almost 3%.

Smucker said it earned $148.8 million, or $1.36 a share, last quarter, compared with a profit of $127.2 million, or $1.12 a share, a year earlier.

Excluding one-time items, it earned $1.45 a share, meeting the Street’s view.

Sales increased 8% to $1.63 billion, also matching consensus calls from estimates.

“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,” CEO Richard Smucker said in a statement.

Looking ahead, Smucker raised its full year non-GAAP EPS forecast to $5.12 to $5.22, up from $5.00 to $5.10 previously. The midpoint of that new range, $5.17, would miss estimates by two pennies.

Smucker also said it still expects to grow full-year sales by about 7%

“Overall consumer spending appears to be on the upswing which is welcome news for the industry,” said Vince Byrd, the company’s president and chief operating officer.

Shares of Orrville, Ohio-based Smucker slumped 2.44% to $83.33 Friday morning, trimming their 2012 gain to 7.28%.

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