Branded food products maker JM Smucker reported better-than-expected profit for the second quarter as the acquisition of the Folgers coffee brand continued boosting company’s results.
Ohio-based JM Smucker, the maker of jams, jellies and Jif peanut butter and the like, said that it pocketed $140 million or $1.18 per share during the three months to October 31, against a profit of $51.5 million, or 94 cents per share in the year ago period.
Excluding items, company’s earning stood at $1.22 per share.
Analysts had been expecting earning of $1.04 per share on revenue of $1.24 billion.
Overall gross margin soared to 38.5 per cent from 28.9 per cent in the year ago period. A vast majority of the rise was owing to Folgers contribution.
JM Smucker lifted its full-year 2010 earnings outlook to a range of $3.95 to $4.05 per share, from its previous range of $3.65 to $3.80 per share.
Shares in JM Smucker gained more than 5 per cent to close at $56.35 on Friday.
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