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

Orrville, Ohio-based Smucker earned $94.3 million, or 80 cents per share, in the three months ended April 30, up from $37.1 million, or 67 cents per share, a year ago.

Excluding restructuring, acquisition and integration costs, profit was $1.02 per share — well above the 63 cents-per-share estimate of analysts polled by Thomson Reuters. Analysts' estimates typically exclude one-time items.

Sales surged 81 percent to $1.07 billion from $590 million. Analysts predicted lower revenue of $997.1 million.

The company also said its strong overall performance was due partly to the popularity of its brands by consumers now eating at home more in order to save cash. Pillsbury baking mixes and frostings, Hungry Jack potatoes, pancakes and syrups and Eagle Brand sweetened condensed milk posted fourth-quarter volume gains.

"We know that people are eating at home more and going to comfort foods, and we are seeing those trends continue," said Richard Smucker on the call.

Although sales jumped, volume was mainly flat due to a big drop in volume in the oils category. The company blamed a price cut, competitive pressures and the popularity of private-label brands for the dip.