J.M. Smucker Company Experiences 77% Increase in Quarterly Profits

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Researched by Industrial Info Resources (Sugar Land, Texas)--The J.M. Smucker Company (NYSE:SJM) (Orrville, Ohio), recently reported earnings results for the third quarter (ending January 31) of the company's 2010 fiscal year. Net income for the quarter was $135.5 million, up 77% from 3Q09. J.M. Smucker is the owner and manufacturer of such popular brands as Smucker's jams, Jif peanut butter, Crisco shortening and oils, and Folgers and Dunkin' Donuts coffees.

The company's four operating segments performed as follows:

• U.S. retail coffee market - quarterly profit of $148.6 million, up 62% from 3Q09
• U.S. retail consumer market - profit of $66.5 million, up 6% year over year
• U.S. retail oils and baking - profit of $39.2 million, down 17% from 3Q09
• Special markets - profit of $38.6 million, up 53% from 3Q09

The company acquired Folgers in November 2008, which has significantly boosted sales revenues for the past year. "This quarter marked the first anniversary of the Folgers merger and a very successful first 12 months," said Richard Smucker, executive chairman and co-CEO. "We completed the integration and achieved our forecast synergies all in line with original expectations. The financial results exceeded all pro-forma estimates and contributed to our overall strong performance."

Industrial Info is currently tracking more than $10 million of J.M. Smucker's projects throughout the United States. The largest of these projects is the estimated $5 million expansion of the company's jam and jelly research and development center in Orville, Ohio. The project involves the addition of a 45,000-square-foot building at the location. The building will include test kitchens and laboratory equipment. Domokur Architects (Akron, Ohio) has been selected as architects for the project, which is scheduled to kick off in May and be completed early in the fourth quarter of 2010. Information on this and other Food & Beverage Industry projects is available in Industrial Info's North American Industrial Database.

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