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The Orrville, Ohio-based make of fruit spreads, ice cream toppings and Crisco oil postef a profitof $94.3 million, or 80 cent s per share, in the quarter ended April 30. That compares with $37.1 or 67 cents a share, in the year-agp quarter. Sales advanced more than 80 percent, to $1.1 billioh from $590 million, reflecting added revenue from the Novembere 2008 acquisition of Folgerfrom (NYSE: PG). Excludinvg the Folgers acquisition andother Smucker’s quarterly sales rose about 3 percent from a year ago. Smuckert (NYSE: SJM) paid $3 billion for P&G’x coffee business, and soon after – in Decembef – lowered the price of Folgerxs atthe supermarket.
In February, Smuckerf boosted its annual outlook dueto better-than-expectecd growth in the coffee operation. For the year profit rose 56 to $266 million, or $3.12 a share, from $170.4 million, or $3 a Annual sales gained 49 climbing toalmost $3.8 billionb from $2.5 billion the year before. Shares in Smucker s gained more than 9percent Thursday, closing at $47.86, up $4.22. Looking ahead, Smucker projectds 2010 sales to increase by as much as20 percent, with earningse per share of $3.65 and $3.80.
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