Investing.com — JM Smucker Company (NYSE:SJM) rose almost 8% on Tuesday because it’s that Jif’in good.
The company, which makes everything from its namesake jams and jellies to Jif peanut butter and coffee, reported fiscal first quarter earnings per share of $2.37 compared to the expected $1.67 on sales of $1.97 billion, versus the estimated $1.81 billion.
Americans sought comfort in peanut butter and jelly sandwiches and meals made with Crisco shortening, helping J.M. Smucker’s U.S. retail consumer food sales jump 22% and profit soar 62%. Not far behind was at-home coffee consumption, with Folgers and Cafe Bustelo helping sales in the segment jump 23% and profit 42%.
And since most schools will be online this fall, we’ll probably continue to depend on PB&Js to feed our kids and coffee to fuel ourselves in the coming months.
J.M. Smucker boosted its guidance for the year, with earnings per share now estimated at between $8.20 and $8.60, compared to the previous $7.90 to $8.30.