J.M. Smucker Co. net income plunged 85 percent for the third quarter, but the results exceeded analysts’ forecasts.

The Orrville food company said Tuesday that its results include a “non-cash impairment charge” from Ainsworth Pet Nutrition, which Smucker acquired last May, and the sale of its U.S. baking business last August.

Adjusted earnings — taking into account the impairment charge and the baking business divestiture — totaled $2.26 a share. That’s above the $2.02 forecast by analysts surveyed by FactSet and above the Zacks consensus estimate of Zacks Consensus Estimate of $2.03.

Additionally, Smucker maintained its full-year fiscal 2018 guidance for adjusted earnings per share of $8 to $8.20, outperforming the Zacks Consensus Estimate of $8.02.

Smucker stock closed Tuesday afternoon at $106.09, up $5.03.

Net income for the third quarter ended Jan. 31 was $121.4 million, or $1.07 per share, down 85 percent from $831.3 million, or $7.32 per share, for the same period a year ago, the company reported Tuesday.

Sales increased $108.6 million or 6 percent, led by the addition of Ainsworth and what the company calls its “growth brands,” including Smucker’s Uncrustables and Rachael Ray Nutrish pet food.

Sales totaled $2.01 billion for the quarter, up from $1.9 billion for the year ago quarter.

Smucker has said that its growth strategy focuses on a product portfolio that combines No. 1 and leading brands with those that are emerging and “on-trend.”

Its core brands that are No. 1 in their categories are Smucker’s fruit spreads, Folgers coffee, Jif nut butters and Milk-Bone pet snacks.

High-growth, “on-trend” brands include Sahale Snacks, Café Bustello coffee, Uncrustables and Rachael Ray Nutrish.

“We are pleased with the progress that we made in the third-quarter to advance our consumer centric strategy for growth, including increasing contributions from new platforms such as 1850 coffee and Jif Power-Ups snacks,” CEO Mark Smucker said in a prepared statement.

“Our results reflect strong sales across all our key growth brands,” he said, including double-digit increases for Rachael Ray Nutrish, Smucker’s Uncrustables, Nature’s Recipe, and Sahale Snacks.”

Last year, J.M Smucker sold its U.S. baking business, which included the Pillsbury and Hungry Jack, Martha White and White Lilly brands, for $375 million to subsidiaries of Connecticut buyout fund Brynwood Partners.

Also last year, Smucker bought Ainsworth, maker of Rachael Ray premium pet food, for $1.9 billion.