Smucker Reports Record Q3 Results (SJM)

J.M. Smucker (NYSE: SJM) posted a sharp increase in its quarterly profit. The increase is mainly due to higher margins and lower costs. Smucker (SJM) recorded a 2 percent increase in its revenue to reach $1.2 billion. It also reported a 4 percent increase in its total volume. Smucker’s gross profit margin jumped from 33.9 percent to 38 percent of sales.

The food giant earned $1.14 a share during the quarter. Its profit figure stood at $135.5 million, up from $77.9 million, a year earlier. The company also provided guidance for fiscal year 2010. Its new profit target for the year is in the range of $4.01-$4.07 per share. Wall Street consensus estimates are at $4.07 per share.