Smucker Releases Q1 Results, Announces Acquisition

J.M. Smucker's Q1 2014 figures have come in more or less in line with analyst estimates. The company announced that for the quarter, its net sales were $1.35 billion, down 1% from the $1.37 billion in the same period the previous year. Net income, on the other hand, was $126.6 million ($1.19 per diluted share), a 14% improvement over Q1 2013's $110.9 million ($1.00).

Analysts had expected revenue of $1.34 billion and EPS of $1.20.

Smucker also provided forward guidance. For the entirety of fiscal 2014, net sales are anticipated to drop by 1% from 2013's $5.9 billion, with diluted EPS coming in at $5.72-$5.82. The company had previously forecast per-share earnings of $5.65-$5.75.

The firm also announced that it has acquired privately held Enray, a company it describes as "a leading manufacturer and marketer of premium organic, gluten-free ancient grain products, including sprouted and non-sprouted grains, pasta, and cookies." The terms of the deal were not disclosed.

According to Smucker, Enray posted net sales of more than $45 million in its latest 12-month period.

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