Folgers parent J.M. Smucker tops earnings estimates and raises guidance

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J.M. Smucker Co. said Tuesday it had net income of $237.9 million, or $2.08 a share, in its fiscal first quarter to July 31, up from $154.6 million, or $1.36 a share, in the year-earlier period. Adjusted per-share earnings came to $2.37, ahead of the $1.67 FactSet consensus. Sales rose 11% to $1.972 billion from $1.779 billion, also ahead of the $1.814 billion FactSet consensus. The parent of coffee brands, including Folgers, Smuckers and Café Bustelo, said its numbers were boosted by demand for coffee and consumer foods. “We expect continued momentum in the second quarter and are pleased to raise our full-year guidance,” Chief Executive Mark Smucker said in a statement. The company is now expecting full-year sales to be flat to up 1%, versus prior guidance for a decline of 2% to 1%. It expects adjusted EPS to range from $8.20 to $8.60, compared with prior guidance of $7.90 to $8.30. Shares rose 3% in premarket trade and have gained 9% in the year to date, while the S&P 500 has gained 6%.
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