J.M. Smucker (SJM) reported strong fiscal fourth-quarter earnings and gave upbeat guidance Thursday, driving its stock to a record high.
The maker of Folgers brand coffee, Jif peanut butter and its namesake line of jams and jellies reported fiscal fourth-quarter non-GAAP earnings of $1.86 a share, reversing from an 41-cent loss in the same quarter a year earlier. Earnings for the most recent quarter included a deferred tax benefit of 42 cents.
Revenue climbed nearly 25% to $1.81 billion from $1.45 billion as coffee sales rose 9% to $512.6 million and pet food sales jumped 135% to $562.9 million, partly on its acquisition of Big Heart Pet Brands for $6 billion last year.
Smucker shares leapt 7.9% to 143.23 on the stock market today. The stock blasted past a 132.74 buy point of a flat base.
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