The J. M. Smucker Company (NYSE: SJM) today announced results for the third quarter ended January 31, 2009, of its 2009 fiscal year. Results for the three-month and nine-month periods ended January 31, 2009, include the operations of The Folgers Coffee Company ("Folgers") since the completion of the merger on November 6, 2008.
Net sales increased 78 percent led by Folgers:
Net income increased 84 percent
EPS down 9 percent due to Folgers merger and integration charges
EPS up 11 percent excluding charges
U.S. Retail Coffee Market
The U.S. retail coffee market segment contributed $442.9 million to net sales and $90.2 million in segment profit for the third quarter of 2009. On a pro forma basis, net sales increased 4 percent for the quarter as growth in Dunkin’ Donuts(R) contributed to net sales and margin growth. Integration of the Folgers business is proceeding as planned as the Company completed its customer facing activities at the beginning of February, achieving a key milestone.
“We delivered strong financial performance this quarter with solid results in our core Smucker business and the addition of Folgers,” commented Richard Smucker, Executive Chairman and Co-Chief Executive Officer. “The Folgers merger was completed early in the quarter and contributed to margin expansion and significantly increased cash flow. The integration remains on track and we appreciate the commitment of our employees both in integrating Folgers, and maintaining their focus on the core business.”