J. M. Smucker Raises Sales Target

J. M. Smucker raised its full-year net sales target to slightly above the 3% growth indicated previously and reiterated it sees full-year income of $4.50 to $4.60 a share as it reported an increase in first-quarter profit.

Author:: Andrea Tse
Publish date:: Aug 20, 2010 7:40 AM EDT

ORRVILLE, Ohio (TheStreet) -- J. M. Smucker (SJM) - Get Report raised its full-year net sales target to slightly above the 3% growth indicated previously and reiterated that it sees full-year earnings of $4.50 to $4.60 a share after it reported an increase in first-quarter profit.

J. M. Smucker reported first-quarter income of $102.9 million, up 5%. Non-GAAP income was $1.04 a share, higher than 92 cents last year and the consensus target of 96 cents.

Net sales were $1.047 billion vs. $1.052 billion the previous year; analysts expected sales of $1.07 billion. The impact of favorable foreign exchange rates and sales mix offset the impact of the company's potato business divestiture and an overall 3% decline in volume.

During the fiscal first quarter, J. M. Smucker achieved volume gains in its Folgers and Dunkin' Donuts brand coffee, Jif peanut butter, Hungry Jack pancake mixes and syrups, and beverages in natural foods.

Shares of J.M. Smucker were up 2.6% to $59.53 in Friday afternoon trading.

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