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Friday, November 20, 2009
Smucker's 2Q Results Easily Top Views
By Ken Sweet
FOXBusiness
Jelly and jam company J.M. Smucker (SJM) saw profits nearly triple last quarter, as the company added the Folgers coffee brand to its portfolio and saw lower costs across several of its businesses.
Smucker said Friday it earned a profit of $140 million, or $1.18 a share, compared with a profit of $51.5 million, or 94 cents a share, from a year ago. Excluding one-time items, Smucker said it earned $1.22 a share as revenue rose to $1.28 billion.
The results handily beat the $1.04-a-share profit on revenue of $1.24 billion that analysts had estimated, according to data by Thomson Reuters.
Smucker’s results were boosted by its recent acquisition of Folgers, which the company purchased from Procter & Gamble (PG) last year for $2.7 billion. For the quarter, gross margin rose to 38.5% from 28.9%, with the company saying Folgers contributed heavily to that jump.
Shares of Smucker were up 5% to $55.70.
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