J.M. Smucker Fiscal 1Q Earnings Top Expectations

ASHLEY M. HEHER

CHICAGO (AP) — J.M. Smucker Co. said Friday its fiscal first-quarter profit more than doubled and beat expectations, mostly because of increased sales from last year's acquisition of Folgers coffee.

The maker of jams, jellies and Jif peanut butter also backed its yearly outlook and said it expects profits at the higher end of its forecast.

The company said sales in its consumer retail division — a unit that sells grocery store mainstays — rose 6 percent, thanks to stronger sales of of Jif peanut butter, jam, jelly and Hungry Jack pancakes.

But as consumers embraced cooking and even the traditional do-it-yourself sandwiches, they also bought fewer Uncrustables, pre-made frozen, crustless peanut butter and jelly sandwiches.

"We're off to a strong start this year," Executive Chairman and Co-CEO Tim Smucker said in a statement.

Smucker said it earned $98.1 million, or 83 cents per share, in the three months that ended July 31. That's up from $42.3 million, or 77 cents per share, during the same period last year.