US food group J. M. Smucker has posted a jump in first-quarter earnings thanks to the recent acquisition of the Eagle business and easier comparatives from last year.
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J. M. Smucker, the Ohio-based peanut butter-to-condensed milk producer, posted a 40% leap in operating profit to US$68.5m. Sales, meanwhile, rose 7% to $561.5m for the three months to 31 July.
The company said it had incurred restructuring costs during the first quarter of its last fiscal year, which had weighed on profits.
“Once again, our brands delivered good sales growth in the quarter,” said Tim Smucker, chairman and co-CEO today (17 August).
“Earnings grew at an even greater rate than sales, a significant accomplishment in a very difficult cost environment. The addition of Eagle to our portfolio supports our strategic emphasis on owning leading North American brands and enhances our future growth opportunities.”
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