Subscribe Login
DE4CC0DE-5FC3-4494-BCBF-4D50B00366B5
A-Brands

J.M. Smucker Quarterly Sales Beat Estimates

By Dayeeta Das
Share this article

Packaged food maker J.M. Smucker Co on Tuesday reported quarterly sales that beat Wall Street estimates, driven by higher demand for its Dunkin' Donuts-branded coffees and premium pet foods such as Nutrish.

The largest US coffee roaster's shares rose about 4% to $104.9 before the opening bell.

Smucker has been doubling down on pet food and coffee, while offloading non-core businesses such as its US baking unit, which houses brands such as Pillsbury.

The company bought Ainsworth Pet Nutrition for $1.9 billion in April 2018, adding premium brands such as Nutrish to its pet food portfolio.

Biggest Revenue Generator

Sales in Smucker's US retail pet foods business, the company's biggest revenue generator, rose 35% in the third quarter to $759 million (€667.93 million).

ADVERTISEMENT

The US retail coffee business, which houses Folgers and Dunkin' Donuts-branded coffee, increased 2% to $561.6 million (€494.22 million).

The company's net income fell to $121.4 million, or $1.07 per share, in the quarter ended 31 January from $831.3 million, or $7.32 per share, a year earlier, as it recorded a impairment charge related to its pet foods segment.

Excluding items, the company earned $2.26 per share.

Net sales rose 5.7% to $2.01 billion(€1.77 billion).

ADVERTISEMENT

Analysts on average had expected a profit of $2.01 per share on sales of $1.99 billion, according to IBES data from Refinitiv.

News by Reuters, edited by ESM. Click subscribe to sign up to ESM: European Supermarket Magazine.

Get the week's top grocery retail news

Processing your request...

Thanks! please check your email to confirm your subscription.

By signing up you are agreeing to our terms & conditions and privacy policy. You can unsubscribe at any time.
Enjoy unlimited digital access for 30 days
Get exclusive access to the latest grocery retail & FMCG news, interviews with industry leading executives, and expert analysis on the trends shaping the sector today
Enjoy unlimited digital access for 30 days
Enjoy unlimited digital access for 30 days
Get exclusive access to the latest grocery retail & FMCG news, interviews with industry leading executives, and expert analysis on the trends shaping the sector today
Enjoy unlimited digital access for 30 days