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Higher costs cut into JM Smucker 2Q profit

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[November 17, 2011]  ORVILLE, Ohio (AP) -- J.M. Smucker Co. says its fiscal second-quarter net income fell 15 percent as the food maker's ingredient costs increased.

The maker of Folger's coffee and its namesake spreads says it earned $127.2 million, or $1.12 per share, from August through October. That compares with $149.7 million, or $1.25 per share, in the same quarter last year.

Excluding one-time items, net income totaled $1.29 per share. Analysts polled by FactSet expected $1.39 per share.

Revenue rose 18 percent to $1.51 billion as shoppers bought more items such as Pillsbury baking mixes and Jif peanut butter. Analysts expected $1.5 billion.

Smucker, like other food makers, is raising prices to offset higher costs.

The Orville, Ohio, company also cut its outlook to account for costs related to issuing debt in October.

[Associated Press]

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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