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Smucker Results Lifted By Robust Coffee Sales, Pet Food Push

From: reuters.com

(Reuters) – Packaged food maker J.M. Smucker Co beat analysts’ estimates for quarterly sales and profit on Tuesday, driven by higher demand for its Dunkin’ Donuts-branded coffees and its purchase of premium pet foods maker Ainsworth.

Shares of the largest U.S. coffee roaster, which also reaffirmed its full-year forecast for the second time in a week, rose about 7.6 percent to $108.75 in morning trade.

Smucker’s results come in contrast to those of food makers such as Kraft Heinz Co, Mondelez International Inc and Hershey Co which reported sales short of analysts’ estimate in their latest quarter.

Smucker has been doubling down on pet food and coffee, while offloading non-core businesses like its U.S baking unit, including brands such as Pillsbury.

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