by Christopher Freeburn | August 21, 2013 11:46 am
On Wednesday, J.M. Smucker (SJM) announced that it had acquired privately-held organic food maker Enran Inc. Smucker’s CEO Richard Smucker noted that the purchase would enhance the company’s existing organic foods business, the Associated Press noted.
Smucker did not disclose how much it paid for Enran, which also produces gluten-free products. The company did announce fiscal first-quarter earnings of $126.6 million, up 14% from $110.9 million in the same time last year. Adjusted EPS came in at $1.24, topping the $1.20 forecast by analysts.
Sales fell slightly to $1.35 billion during the quarter, down 2% from $1.37 billion last year, but still beating analyst estimates of $1.34 billion.
The company said that it expects fiscal 2014 adjusted profits of between $5.72 and $5.82 a share, up from prior estimates of between $5.65 and $5.75 a share. Wall Street is looking for 2014 earnings of $5.77 a shares.
Earlier this year, Smucker announced that it would partner with apparel producer Life is good to introduce a line of packaged coffees sold online and at supermarkets during the summer.
Shares of J.M. Smucker slid almost 1% in Wednesday morning trading.
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