The J. M. Smucker Company (NYSE: SJM) is trading to the upside in the early session today, following a third quarter earnings report that saw the consumer staple maker top views led by a strong surge in coffee sales.
Smucker reported a net income decrease of 3%, from $135.48 million in Q310 to $132 million this quarter. EPS was $1.27 on an adjusted basis though, compared to $1.17 the preceding year.
Net revs in the quarter were up 9%, from $1.206 billion to $1.312 billion.
Overall, the consensus was looking for EPS of $1.26 and revs of $1.25 billion.
The U.S. retail coffee market led the way, with a 18% jump in sales from $471.5 milllion to $554.7 million. The segment benefited from a 13% price hike through their FY11, which offset a 2% volume decline.
Looking ahead, Smucker sees FY11 sales up 4% from FY10. The company also increased the low-end of its outlook from $4.55 - $4.65 to $4.60 - $4.65. The Street is currently looking for EPS of $4.64.
Shares of SJM are up 3.2% today.
Disclosure I am long SJM shares
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