Dive Summary:
- Folgers coffee and Jif peanut butter maker J.M. Smucker Co. increased its full-year adjusted profit forecast to $5.72 to $5.82 per share, up from $5.65 to $5.75 per share.
- The improved forecast comes after the company reported earnings of $1.24 per share, better than the expected $1.20 per share, and as coffee and peanut costs fall.
- Smucker also announced its acquisition of organic, gluten-free ancient grain company Enray Inc., though details weren't disclosed.
From the article:
... The company, however, said it expected full-year sales to fall about 1 percent from $5.9 billion in fiscal 2013 as it cut the prices of its coffee and peanut butter over the past year.
Prices of green coffee have declined over the past 18 months. December Arabica coffee futures on ICE were up 0.3 cent at $1.1910 per lb, but are still close to June's four-year low of $1.1815 per lb. ...
