Thursday, 18 August 2011 08:00

J.M. Smucker 2nd-quarter net income rises

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ORRVILLE, Ohio (AP) -- J.M. Smucker Co. says its second-quarter net income rose 8 percent as it raised prices in most categories to offset higher commodity costs.

The maker of Folger's coffee, Jif peanut butter and its namesake jams says net income rose to $111.5 million, or 98 cents per share, from $102.9 million, or 86 cents per share last year.

Excluding one-time items, net income totaled $1.12 per share. That beat analyst expectations of $1.08 per share.

Revenue rose 14 percent to $1.19 billion from $1.05 billion a year ago. Analysts expected $1.26 billion.

Earlier this week, Orville, Ohio-based Smucker's lowered its U.S. coffee prices, after raising them four times over two years as raw coffee prices soared. Smucker's is one of the few coffee sellers to announce a price cut.

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