EmailJ.M. Smucker (SJM $83.25 +4.28) reported first quarter adjusted earnings of $1.17 per share, $0.17 better than the Capital IQ Consensus Estimate of $1.00, while revenues rose 15.2% year over year to $1.37 billion versus the $1.3 billion consensus. The impact of acquisition, volume, price, and mix were all positive. The acquired Sara Lee foodservice business contributed 7 percentage points of the net sales growth. Favorable sales mix and higher net realized prices each contributed to growth. Price increases taken on peanut butter since May 2011 were somewhat offset by net declines in coffee prices over the same period. Overall volume, excluding acquisition, increased 2% year over year, primarily driven by Jif peanut butter and Folgers coffee.
The company issued guidance for fiscal year 2013, seeing EPS at the higher end of $5.00-5.10 versus the $5.10 Capital IQ Consensus Estimate. Fiscal year 13 revenues are estimated to be up approximately 7%, or approximately $5.91 billion versus the $5.88 billion Capital IQ Consensus Estimate.
