Shares of J. M. Smucker surged nearly 8 percent Thursday after the food producer beat earnings expectations in its most recent quarter.
The company posted earnings of $1.44 per share in its fiscal fourth quarter, beating Reuters estimates of $1.20 per share. J. M. Smucker's quarter was also bolstered by a net sales increase of 25 percent, powered by the introduction of its Dunkin' Donuts-branded K-Cup pods, lower pricing for its Folgers coffee brand, and contributions from the recently-acquired Big Heart Pet Brands.
J. M. Smucker owns a variety of coffee brands and food products.
"We concluded 2016 with a strong fourth quarter, as the Company achieved record sales, earnings, and cash flow for the full fiscal year," Richard Smucker, the company's executive chairman, said in a news release.
Shares of the company have gained more than 16 percent in 2016.
SJM in 2016: