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

Full-year net income climbed to $266 million, or $3.12 per share, compared with $170.4 million, or $3 per share, in the previous year. Annual sales jumped 49 percent to $3.76 billion from $2.52 billion.

For fiscal 2010, Smucker lifted its adjusted earnings outlook to a range of $3.65 to $3.80 per share. Its prior forecast was for adjusted profit of $3.62 to $3.72 per share. The company anticipates full-year sales of about $4.5 billion.

Analysts expect 2010 earnings of $3.37 per share on revenue of $4.7 billion.

Smucker also said it will launch new ads for all of its brands in the upcoming year.

Janney analyst Mitchell Pinheiro said in a note to investors that the guidance boost and the strong fourth quarter results have led him to believe the value of Smucker's shares is greater than the current stock price.

Pinheiro, who has a "Buy" rating on the stock, said the outlook for 2010 looks positive, particularly with Folgers in the brand lineup.

Standard & Poor's also raised its price target to $55 from $49, citing the company's results.