posted a record second-quarter profit, thanks partly to an acquisition, beating analysts' earnings expectations.
The Ohio-based company, best known for its jellies and jams, had income of $38 million, or 65 cents a share, compared with $32.1 million, or 64 cents a share, a year ago. Excluding items, the company earned 75 cents a share, vs. 69 cents a share in the year-ago period. The consensus estimate was 74 cents a share, according to Thomson First Call.
The company recorded a loss from discontinued operations of $2.7 million, or 4 cents a share, which includes the sale of its Brazilian operations to Cargill.
Revenue rose 57% to $588.9 million for the second quarter of its 2005 fiscal year. Results included the operations of International Multifoods Corporation, acquired June 18, which added $209.2 million to the top line.
The company said higher raw material costs, start-up costs at the company's new facility in Kentucky, and an increase in interest expense cut into profit.
Shares ended at $46.38 Thursday.