Heard on J.M. Smucker's (SJM -3.1%) earnings call: 1) Pricing on fruit spreads and coffee lowered due to competition with volume gains are a goal. 2) Marketing spending will pick up in Q4 especially with TV ads 3) Growth rates will rise as lower commodity costs cycle through and K-Cup growth accelerates. 4) On buybacks vs. acquisitions, the company will direct close to half of its cash from operations toward buybacks and dividends. M&A environment called "solid" and a purchase could be seen within 12 to 18 months. 5) For FY13, sees sales up 7% and estimates EPS will fall in a range of $5.12-$5.22. (webcast)
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