J. M. Smucker Q1 Profit Beats Estimates; Lifts FY14 EPS Guidance - Quick Facts

(RTTNews) - The J. M. Smucker Company (SJM) reported that its first-quarter net income increased to $126.6 million or $1.19 per share, from $110.9 million or $1.00 per share, last year. Income excluding special project costs $131.5 million or $1.24 per share for the quarter.

On average, 14 analysts polled by Thomson Reuters expected the company to report profit per share of $1.20 for the quarter. Analysts' estimates typically exclude special items.

Net sales decreased to $1.35 billion, from $1.37 billion last year. First-quarter sales decreased 1 percent reflecting price declines taken over the past twelve months. Analysts expected revenue of $1.34 billion for the quarter.

Gross profit increased 5 percent for the quarter, due to the net benefit of lower commodity costs, favorable mix, and an increase in volume, which was somewhat offset by the unfavorable impact of a $15.1 million change in the amount of unrealized mark-to-market gains on derivative contracts. Excluding special project costs, gross profit increased 4 percent.

For fiscal 2014, the company expects net sales to decrease by approximately 1 percent compared to 2013. Non-GAAP income per share is expected in the range of $5.72 to $5.82, which excludes special project costs of approximately $0.20 per share. Previously, the range was $5.65 to $5.75 per share. Analysts expect the company to report fiscal 2014 profit per share of $5.79.