J.M. Smucker 4Q net income rises 28 percent |
| The Associated Press - Jun 17, 2010 |
As its costs fell and consumers bought more of Smucker's jams, jellies and Jif peanut butter, J.M. Smucker Co.'s fourth-quarter net income rose about 28 percent, even though sales of its Folgers coffee fell, the company said Thursday.
Smucker, based in Orrville, Ohio, also issued an outlook for 2011 that topped analysts' expectations, sending shares up more than 5 percent.
Smucker said it will cut peanut butter prices 5 percent next month to pass along savings from lower ingredient costs. But it will raise prices for cake mixes and other baking products by 4 percent to 5 percent because their ingredients have become more expensive.
Smucker benefited from the recession as shoppers stretched food budgets by buying more food to eat at home. The company bought Folgers for $3 billion in November 2008 from consumer products giant Procter & Gamble Co.
Read Full Article from The Associated Press
- Posted: 2010-06-17 10:40:04
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