Smucker 4Q profit rise 19 percent in 4Q |
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Thu, 21 Jun 2007 14:07
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ORRVILLE, Ohio (AP) - J.M. Smucker Co., the largest U.S. producer of jams and jellies, on Thursday said earnings rose 19 percent in its fourth quarter, helped by strong sales of its peanut butter.The maker of Jif said its peanut butter had a particularly strong quarter due to a temporary interruption of supply of rival brands in the market.In February, Omaha, Neb.-based ConAgra Foods Inc. recalled its Peter Pan and Great Value brands after government investigators linked those products to an outbreak of salmonella.Besides Jif and its products with the Smucker's brand, Smucker sells shortening and cooking oils, ice cream toppings and various other foods. Its brands also include Pillsbury and Hungry Jack.Smucker said it earned $42.5 million, or 75 cents per share, for the quarter ended April 30, compared with profits of $35.7 million, or 62 cents per share, a year ago.Sales slipped to $493.5 million from $501.7 million a year ago.Analysts polled by Thomson Financial expected a profit of 63 cents on revenue of $495.7 million.For the year, Smucker earned $157.2 million, or $2.76 per share, compared with $143.4 million, or $2.45 per share, last year. Annual sales were flat at $2.15 billion.Smucker said costs remain 'challenging' and expects raw material costs to increase 'significantly' over 2007 levels. Smucker said it will continue to take actions to offset cost increases. It expects long-term net sales growth of 8 percent, half from core business and new products and half from acquisitions.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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