J. M. Smucker Q2 Net Profit Up; Backs FY15 Outlook - Quick Facts

(RTTNews) - Branded food products maker J. M. Smucker Co.'s (SJM) second-quarter net income increased to $158.3 million, or $1.55 per share, from $153.4 million, or $1.46 per share, in the prior-year quarter. On average, 12 analysts polled by Thomson Reuters expect earnings of $1.53 per share for the quarter. Analysts' estimates typically exclude special items. Net income per share went up 6 percent in the second quarter of 2015, reflecting a favorable change in unallocated derivative gains and losses, according to the company.

The firm clocked net sales of $1.48 billion in the quarter, down 5% from last year's $1.56 billion, hurt by decreased volume, most significantly in the U.S. Retail Coffee segment. Analysts estimated revenues of $1.49 billion for the quarter.

Results for the quarter ended October 31, 2014 and 2013, include the operations of Sahale Snacks, Inc. since the completion of the acquisition on September 2, 2014, Enray Inc. since the completion of the acquisition on August 20, 2013, and the impact of the company's licensing and distribution deal with Cumberland Packing Corp., which began on July 1, 2013.

For the fiscal year ending April 30, 2015, the firm still sees net sales to decrease approximately 1 percent, compared to 2014. Full-year earnings per share, excluding items, are expected to be in the range of $5.45 to $5.65. Analysts project annual earnings of $5.55 per share.