Will you invest in Smucker after seeing them beat the street on higher earnings?”
J. M. Smucker Profit Rises On Lower Costs 6/17/2010 10:55 AM ET (RTTNews) – Branded food products maker The J. M. Smucker Co. (SJM: News ) reported Thursday an increase in its fourth quarter profit, reflecting significantly lower merger and integration and restructuring costs, improved margins and slightly higher revenues. On an adjusted basis, earnings surpassed Street view. Further, the group provided a net sales guidance for fiscal 2011 and also guided its fiscal 2011 adjusted earnings above Street estimates. Following the news, Smucker shares rose nearly 6% in morning trade. Fourth-Quarter Results The Orrville, Ohio-based company reported net earnings of $120.61 million for the fourth quarter, 28% higher than $94.27 million in the prior-year quarter. On a per share basis, net earnings rose 26% to $1.01 from $0.80 last year. Results for the fourth quarter of 2010 include the positive impact of a lower effective tax rate of 27.9% in the 2010 fourth quarter, compared to a tax rate of
