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Packaged food maker J.M. Smucker forecast full-year profit above estimates and beat Wall Street expectations for quarterly earnings, boosted by demand for its coffee and pet foods, including brands Meow Mix and Nature's Recipe.
The Orrvile, Ohio-based company has been spending on product launches as well as marketing and promotions for core businesses, while expanding its digital capabilities to boost revenue.
Smucker forecast full-year adjusted earnings of $8.45 to $8.65 per share, well above analysts' expectations of $8.33.
Sales in its U.S. retail pet foods business, the company's biggest revenue generator, jumped 35% in the quarter, driven by demand for Meow Mix and Nature's Recipe.
Sales at its U.S retail coffee business, which houses Folgers, rose about 4%, powered by double-digit sales growth in Dunkin'- and Cafe Bustelo-branded coffees.
Net income fell about 62% to $71.5 million, or 63 cents per share, in the fourth quarter ended April 30, as the company record an impairment charge.
Excluding items, the company earned $2.08 per share, handily beating the average analyst estimate of $1.95 per share.
Net sales rose 6.8% to $1.90 billion, but narrowly missed the average analyst estimate of $1.93 billion, according to IBES data from Refinitiv.