SJM Falls in Premarket Trading As Smucker's Profits Rise

Armen Hareyan's picture

Smucker's - which is more known to an average American from the Today show - this morning announced its quarterly earnings with a 5 percent rise in quarterly profit for the quarter ending July 31st of 2010.
UPDATE: SMJ opened higher and is currently trading at 58.64, up 1.05 percent.

SJM down in premarket trading

Despite Smucker's rise in quarterly profit its stock SJM is currently down in premarket trading. Although slightly, it is trading 0.19 lower than its yesterday's close at 58.03.

Let's see how the investors will react to the earnings that the company reported this morning during the regularly market hours. According to the quarterly results, released this morning, Smucker's earnings per share is up four percent. If one excludes the charges, it is up actually thirteen percent.

Even better, the Orrville, Ohio based company increased its sales outlook for the fiscal year of 2011.

Smucker's earnings summary shows that company's net sales for the quarter ending July 31st were $1,047.3 million dollars. The operating income was 165.2 millions. Net come was 102.9 percent and the net income per diluted share was 0.86 million.

"We are pleased to once again deliver strong quarterly results in this economic environment. Our success is attributed to our employees' commitment to our strategy and to their passion to provide the very best for the families we serve," commented Tim Smucker, Chairman of the Board and Co-Chief Executive Officer. The company says it was particularly successful and achieved volume gains in Folgers® and Dunkin' Donuts® brand coffee, Jif® peanut butter, Hungry Jack® pancake mixes and syrups, and beverages in natural foods.

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