Thanks to the jam maker’s recent acquisition of Folgers Coffee Co, J.M. Smucker’s Co. reported that its fiscal second-quarter profits more than doubled as consumers continue to turn to the companies well-known brands and eat at home more during the recession.
J.M Smucker’s, the nation’s top maker of jams, jellies and Jif peanut butter, also raised its 2010 profit guidance on Friday.
The Orrville, Ohio-based company earned $140 million, or $1.18 per share, for the period ended Oct 31, up from last year’s $51.5 million, or 94 cents per share.
Shares of the company were up $2.69 to $56.18.
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