Smucker shares gain 5% as volume growth resumes
SAN FRANCISCO (MarketWatch) -- J.M. Smucker shares led S&P 500 gainers Friday morning, advancing 5% to $83.18 after the company resumed volume growth for its food and coffee products during the quarter ended July 31. The maker of Folgers coffee and Jif peanut butter also said its fiscal 2013 profit will at the high end of its previous $5 to $5.10-a-share range. Smucker said volume -- pounds of product shipped -- rose 2% during its fiscal first quarter, reversing four consecutive quarters of declines. During the quarter, Smucker cut its coffee prices as coffee futures slid from their highs, while sales of its Jif peanut butter were boosted by a larger peanut crop. Overall, profit declined 1% to $111 million during the period. Sales rose 15% to $1.4 billion. Smucker shares now up 9% over last 12 months.
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