ORRVILLE, Ohio (AP) — J.M. Smucker Co. said Thursday its
first-quarter net income rose 8 percent as the company raised prices in
most categories to offset higher commodity costs.
The maker of
Folger’s coffee, Jif peanut butter and its namesake jams, 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, according to FactSet.
Revenue rose 14 percent to $1.19 billion from $1.05 billion a year ago. Analysts expected $1.26 billion.

Revenue was boosted by results from Rowland Coffee Roasters, which Smuckers bought in May for $360
million.
The
food and beverage maker, like its peers, has been struggling with
higher commodity costs for key items like soybean oil and coffee beans,
although coffee bean prices have moderated recently. Smuckers has raised
prices to relieve those pressures, including increasing the price on
its U.S. coffee products four times in two years.
The Orrville,
Ohio-based company, which sells Folgers, Millstone and Dunkin’ Donuts
brands, actually lowered coffee prices earlier this week, but they still
remain elevated from prior-year levels.
Smuckers affirmed its
full-year net income guidance of $5 to $5.15 cents per share, excluding
one-time items. Analysts expect $5.13 per share.
.
Copyright 2011 The Associated Press.