by Christopher Freeburn | June 7, 2012 1:21 pm
J.M. Smucker (NYSE:SJM), the maker of popular jams and coffees, announced that it made $104.1 million during its fiscal fourth quarter, up from $94.9 million during the same time last year. Sales during the quarter increased 14% over last year, rising to $1.35 billion.
Adjusted EPS was $1.10, which topped Wall Street estimates of 99 cents a share, Reuters noted.
Smucker’s sales were boosted by its recent purchases of Sara Lee‘s (NYSE:SLE) coffee business in North America and Rowland Coffee Roasters.
Faced with rising prices for commodities, the company has cut prices on its Folger’s line of coffee twice since last summer. Prices for Smucker’s other brands, including its Jif peanut butter, have risen. Company officials say they’re hopeful that commodity prices, including coffee beans, will continue to ease in coming months.
Shares rose fractionally in Thursday afternoon trading, remaining above $76.
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