The JM Smucker Co posted an increase in full year earnings today (19 June), despite a weak fourth quarter that saw earnings fall 13%.

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Net income per diluted share for 2008 was $3.00, an increase of 9% over last year, the Peanut butter and jelly maker said.


Net sales rose 22% in 2008 on the back of acquisitions. The newly-acquired Eagle businesses contributed $236.2m throughout the year while total acquisitions added $279.7m.
  
However, restructuring and merger charges and higher raw material costs weighed heavily on fourth quarter results. Net income of $37.1m, or 67 cents a share, compared with $42.5m, or 75 cents a share, a year earlier.


“Our performance this year is especially gratifying in a time of unprecedented cost increases,” commented Tim Smucker, chairman and co-chief executive officer.


“Despite raw material cost increases over $150m, we completed another record year with both sales and earnings exceeding our long- term strategic growth goals. It is our focus on the consumer, and meeting their needs with quality products, that provides the basis for our continued success and enhances opportunities for continued growth.”

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Smucker said it expects raw material costs in 2009 to rise about $150m over 2008 spurred by higher prices for soybean oil, wheat, peanuts and certain fruits.


Looking to next year, the company said it expects Folgers – which was recently acquired from P&G – to add to earnings in fiscal 2009. It forecast earnings of $3.45 to $3.50 a share, before merger-related charges, and net sales of $3.8bn to $4.0bn.