J.M.
Smucker reported fourth-quarter adjusted earnings of $2.77 per share, up 20% from the prior year, and issued a full-year profit forecast whose midpoint exceeded analyst expectations, as surging coffee prices and a consumer shift toward eating at home drove sales growth
Quarterly net sales rose 6% to $2.27 billion, the company said. Adjusted earnings topped analyst expectations of $2.64 per share, and the revenue figure beat analyst expectations of $2.26 billion, according to Reuters. Coffee was the standout performer for the quarter, with the U.S. retail segment — home to the Folgers, Dunkin’, and Café Bustelo brands — generating $830.6 million in net sales, a 12% year-over-year increase.
That growth was largely pricing-driven, with a 21 percentage point improvement in net price realization, partially counterbalanced by an 8 percentage point volume decline; Dunkin’ and Folgers both slipped while Café Bustelo posted gains. Company-wide, pricing gains of 10 percentage points more than compensated for a 4 percentage point drag from volume and mix, according to the company. The Away From Home segment also posted strong results, with net sales up 15% to $228.3 million, driven by higher coffee pricing and volume growth in Uncrustables sandwiches and fruit spreads.