The company, based in Orrville, Ohio posted net income for the quarter of more than $176 million equal to $1.47 a share compared to $158.2 million equal to $1.55 a share for the same quarter last year.
Smucker’s non-GAAP earnings were equal to $1.62 a share for the most recent quarter just ended.
Its sales were up by 40% to just over $2.08 billion. Analysts however had been expecting the earnings to come in at $1.51 a share with revenue around the same $2.08 billion.
In the company’s segment of Retail Coffee for the U.S. net sales were up over 10% during the quarter, while its Retail Consumer Foods division for the U.S. saw its sales drop by over 3%.
Gross profit for JM Smucker for the quarter climbed to 47%, while its operating income soared by over 23%.
Richard Smucker the CEO at the company announced that the company was pleased to have had another solid quarter of financial results, which is a reflection of the momentum it is having across all its businesses.
Much of the growth in net sales, said Smucker, was coming from the addition of its business of pet food, which is continuing to perform well.
The coffee business as well finished with a strong quarter, with volume gains in the double digits for its Folgers ground and roast coffee and contributions for its recently introduced K-Cups from Dunkin Donuts.
For the complete year, the company is now projecting that its non-GAAP earnings will be between $5.70 and $5.80 a share, with sales of over $7.9 billion. Analysts were expecting that earnings would reach $5.75 a share with revenue topping $8.13 billion.
JM Smucker shares were up over 1.13% at the close of business on Wednesday after results were announced.