ORRVILLE, Ohio (
posted better-than-expected results for its first quarter, thanks to the company's acquisition of Folgers Coffee and strong volume gains.
The maker of jams, jellies and other food products posted fiscal first-quarter earnings of $98.1 million, or 83 cents a share, rising from $42.3 million, or 77 cents a share, in the year-ago quarter.
Excluding one-time restructuring and acquisition charges, Smucker said it would have earned 92 cents a share in the quarter.
Sales surged 58% to $1.05 billion from $663.7 million in the same quarter a year ago. Gross margin, meanwhile, rose to 38.6% from 31.3% a year earlier.
On average, analysts were looking for a profit of 80 cents a share on revenue of $1.04 billion, according to Thomson Reuters.
Looking ahead, Smucker reaffirmed its outlook for the full year for net sales of approximately $4.5 billion and earnings excluding merger costs to fall in a range of $3.65 and $3.80 a share. That is in line with the Thomson Reuters consensus for full-year earnings of $3.76 a share.