J.M. Smucker 4Q Profit Soars, Tops View

LAUREN SHEPHERD

NEW YORK (AP) — J.M. Smucker Co. said Thursday its fiscal fourth-quarter profit more than doubled, helped by consumers' desire to eat at home and the company's acquisition of the Folgers coffee brand last year.

The maker of jams, jellies and Jif peanut butter reported an adjusted profit that easily beat Wall Street's forecast, and the company raised its earnings guidance for 2010.

Pleased investors sent shares up $4.22, or 9.7 percent, to $47.86 in Thursday trading.

The company said the addition of Folgers helped boost sales and profit. While the food company inherited Folgers' existing customers, the brand has also seen new business from budget-conscious shoppers who are forgoing their gourmet brews for lower-cost coffee during the recession.

Smucker said Folgers grew at more than double the retail coffee category rate in April and raised its market share.

On a conference call with investors, Co-Chief Executive Richard Smucker said the company's top priority in 2010 will be to expand the traditional Folgers coffee business — the can of grinds used to make countless cups of at-home joe.