Originally published at www.seclive.com
The J.M. Smucker Company (NYSE:SJM) announced its financial results for the fourth quarter of fiscal year 2014, posting a decline in earnings that still met expectations. The food-products maker sustained a 12% decline in U.S. coffee sales, with a 1% increase in volume in its Folgers and Dunkin Donuts. Overall net sales fell short of the analyst predicted $1.24B with an 8% decline to $1.23B from $1.34B last year. Smucker announced earlier this week an average 9% price increase of its coffee products to offset increased costs. The U.S. consumer-foods segment saw a 4% decline in sales with a 3% rise in volume, which includes its namesake fruit spreads and Jif peanut butter. Earnings fell from $130.3M and $1.22 per share in the year-ago quarter to $118.5M and $1.16 per share this quarter, meeting analyst expectations. Smucker is forecasting annual earnings for the new fiscal year between $5.95 and $6.05 per share with 5% revenue growth.
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