JM Smucker Tops Profit Estimates On Strength In Pet Foods, U.S. Coffee Sales

Food, beverage and pet foods maker J.M. Smucker Co. said Thursday it had net income of $176 million, or $1.47 a share, in its second fiscal quarter, compared with $158 million, or $1.55 a share, in the year-earlier period. Non-GAAP EPS came to $1.62, ahead of the FactSet consensus of $1.51. Sales rose 40% to $2.08 billion, matching the FactSet consensus. The sales rise was mostly due to the contribution of Big Heart Pet Brands, which the company acquired in fiscal 2015, as well as growth in the U.S. retail coffee segment. The company said it is now expecting full-year adjusted EPS of $5.70 to $5.80 and sales of $7.9 billion. Shares were not yet active in premarket trade, but are up 12% in the year so far, while the S&P 500 has gained 1.2%.