Packaged foods maker The J.M. Smucker Company ( SJM ) said Thursday that its second quarter profit rose more than 8% from last year, beating analyst expectations.
The Orrville, OH-based company reported second quarter net income of $111.5 million, or 98 cents per share, compared with $102.9 million, or 86 cents per share, in the year-ago period. Excluding one-time items, adjusted profit was $1.12 per share.
Sales rose 14% from last year to $1.19 billion.
On average, Wall Street analysts expected a smaller profit of $1.08 a share, albeit on higher revenue of $1.25 billion.
J.M. Smucker shares were mostly flat in premarket trading Thursday.
The Bottom Line
Shares of J.M. Smucker Company ( SJM ) have a 2.54% dividend yield, based on last night's closing stock price of $75.56. The stock has technical support in the $70 price area. The stock is trading near all-time highs of $80 a share.
The J.M. Smucker Company ( SJM ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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