ORVILLE, Ohio (AP) — J.M. Smucker says its second-quarter profit more than doubled on growth from its Folgers acquisition and as consumers eat at home more.
The nation's top maker of jams and jellies and producer of Jif peanut butter also raised its 2010 profit guidance.
Smucker earned $140 million, or $1.18 per share, compared with $51.5 million, or 94 cents per share, a year earlier.
Revenue improved to $1.28 billion from $843.1 million.
The performance topped analysts' expectations for a profit of $1.04 per share on sales of $1.24 billion.
Smucker acquired Folgers last year, a move that has paid off handsomely for the company. It has also benefited during the recession from consumers eating at home more often, often focusing on basic food items.
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