J.M. Smucker profit jumps as consumers eat more at home

J. M. Smucker Co. reported Friday fiscal first-quarter net income more than doubled, bolstered by its acquisition of Folgers coffee and sales of Jif peanut butter, its namesake jams, and Crisco cooking oils.

The ongoing shift of consumers eating more meals at home is helping Smucker, which beat Wall Street's profit target. The Orrville, Ohio-based food maker also said its full-year earnings will be at the high end of its forecasted range.

Smucker /quotes/comstock/13*!sjm/quotes/nls/sjm (SJM 53.81, +1.93, +3.72%) shares rose 5% to $54.41 in early morning trading.

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- Posted: 2009-08-21 10:10:38

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