J.M. Smucker Co. (NYSE: SJM - Quote) announced adjusted fiscal fourth-quarter profit this morning that far exceeded analysts' expectations, prompting the peanut-butter and jelly maker to boost its 2010 profit view.
The news sent shares of the Zacks #2 Rank ('Buy') company higher by more than 8%. It is moving on higher-than-normal volume of 3.3 million shares. The daily average volume is around 880,419.
Earnings for the quarter, excluding items, stood at $1.02 per share, easily topping the consensus of 61 cents. EPS results marked an increase of 39.73% on a year-over-year basis.
Sales grew 81% to $1.07 billion. Revenue from Folgers, which it acquired last November, came in at $456.3 million.
The company earned $266 million or $3.12 per share for the full year. It saw a 49% rise in annual sales to $3.76 billion.
J.M. Smucker now sees adjusted earnings between $3.65 and $3.80 per share for fiscal 2010. It had previously guided in the range of $3.62 to $3.72 per share. It expects net sales to increase 20% to about $4.5 billion.
The consensus estimate for the fiscal year ending April 2010 climbed 2 cents to $3.39 per share in the last 7 days, reflecting an upward revision by 1 analyst out of 6.
Disclosure I am long SJM shares as well as PG shares.
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