UPDATE: J.M. Smucker Posts Better-Than-Expected Q4 Profit

The J.M. Smucker Co SJM reported better-than-expected fiscal fourth-quarter earnings. Smucker's quarterly earnings fell to $118.5 million, or $1.16 per share, versus $130.3 million, or $1.22 per share, in the year-ago quarter. Its adjusted earnings came in at $1.21 per share, versus $1.29 per share. Its sales slipped 8% to $1.234 billion. However, analysts were expecting earnings of $1.17 per share on sales of $1.244 billion. Selling, distribution, and administrative expenses dropped $15.5 million in the quarter versus the year-ago quarter, while they rose as a percentage of net sales to 17.7% from 17.4%. Marketing expenses slipped 19%, while general and administrative expenses dropped 6%. Selling expenses rose 3%, while distribution expenses came in flat. The U.S. Retail Coffee segment sales dropped 12% y/y to $473.5 million, while the U.S. Retail Consumer Foods segment sales tumbled 4% to $465.8 million. Net sales in the International, Foodservice, and Natural Foods segment declined 7% to $295 million in the quarter. The company's press release offered the following comment from Richard Smucker, Chief Executive Officer: “Our 2014 record earnings per share achievement once again demonstrates that the principles that have guided our Company for 117 years continue to deliver results regardless of the headwinds encountered.” Smucker projects FY15 adjusted earnings of $5.95 to $6.05 per share on sales growth of about 5%. Smucker shares fell 0.11% to close at $102.83 yesterday.