Smucker's Quarterly Sales Increase 81% After Folgers Acquisition

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Researched by Industrial Info Resources (Sugar Land, Texas)--The J.M. Smucker Company (NYSE:SJM) (Orrville, Ohio) announced earnings for the company's fourth quarter of the 2009 fiscal year, which ended April 30, 2009. Smucker is the manufacturer of such popular brands as Smucker's jams, Jif peanut butter, Crisco shortening and oils, and since November 2008, Folgers coffee. Quarterly net sales for the company increased 81% year over year, moving from $590 million in 2008 to $1.07 billion for 4Q09. For the entire fiscal year, sales increased 49%, rising from $2.52 billion in 2008 to $3.78 billion in 2009. Annual net income increased 56% to $266 million.

"We believe that continued shift to at-home consumption contributed to our strong performance and is a trend we are well prepared for and think will continue," said Tim Smucker, Chairman and Co-CEO in a conference call. "Families today are looking for comfort, consistency and quality and, as a result, turn to trusted products and simple pleasures." Smucker also pointed to increased coffee sales as contributing to the company's record earnings. The acquisition of Folgers was the largest transaction in history of the company.

Industrial Info is currently monitoring more than $8 million of current and planned projects of Smucker. Next month, the company is expected to begin adding a waffle-line addition to its frozen sandwich plant in Scottsville, Kentucky. The estimated $3 million project involves the addition of mixing and blending vessels, scales, ovens and quick-freezing system, as well as other new equipment. The project is expected to be completed in October of this year.

Information on this and other projects in the Food & Beverage Industry can be found in Industrial Info's North American Industrial Database.

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