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Company says increase from acquisition offsets rising costs of materials
Published on Saturday, Nov 17, 2007
Associated Press
ORRVILLE: J.M. Smucker Co., the nation's top maker of jams and jellies, on Friday said earnings rose 10 percent in its second quarter, helped by an increase in sales stemming from its acquisition of Eagle Family Food Holdings Inc. that more than made up for higher interest and more expensive raw materials.
Smucker earned $50.2 million, or 87 cents a share, for the quarter that ended Oct. 31, compared with earnings of $45.6 million, or 80 cents a share, a year ago.
Excluding charges of 4 cents for restructuring and merger and integration costs, Smucker made 91 cents a share, matching the consensus forecast of analysts surveyed by the research firm Thomson Financial.
Sales totaled $707.9 million, an increase of 17 percent from $605 million a year ago.
Tim Smucker, company chairman and co-chief executive, said that earnings and sales for the quarter set records ''despite an extremely challenging cost environment.''
Excluding last year's sales from the Canadian nonbranded, grain-based food service and industrial businesses Smucker sold in September 2006, sales grew 23 percent, the company said.
The acquisition of Eagle Family Food Holdings, a maker of sweetened condensed and evaporated milk, added sales of $81.4 million in the quarter.
Also contributing to the sales growth were the company's Uncrustables round, frozen sandwich line and its Jif peanut butter.
For the year to date, Smucker earned $90.9 million, or $1.58 a share, on sales of $1.27 billion, compared with $74.3 million, or $1.30 a share, on sales of $1.13 billion a year ago.
Smucker shares fell $1.26, or 2.4 percent, to $50.93 in morning trading Friday. The shares have traded between $45 and $64.32 in the past year.
In a conference call with analysts, company President and Co-Chief Executive Richard Smucker noted rising business costs were being managed. After cost increases totaling $30 million in fiscal 2007, Smucker said, the company expected an increase of $150 million by the end of fiscal 2008, with about one-third of that attributable to milk prices.
Chief Financial Officer Mark Belgya added that product price increases would be the ''first line of defense.''
Smucker stock, at $52.49, is up 13 percent from a year ago.
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