Food Business News - August 30, 2011 - (Page 20)

Rowland acquisition boosts Smucker earnings Higher raw material costs tighten margins ORRVILLE, OHIO — The acquisition of Rowland Coffee Roasters helped contribute to an 8% increase in income during the first quarter at The J.M. Smucker Co. Margins were under pressure across all the Smucker business segments. For the quarter ended July 31, Smucker net income was $111,523,000, equal to 98c per share on the common stock, which compared with $102,881,000, or 86c p share, during the per s same quarter of the p previous year. Sales for the quarter were $1,188,883,000, up Operating profits of U.S. Retail Consumer Foods in the first quarter were $79 million, down 15% from $93.4 million in the first quarter last year. Net sales were $459.5 million, up 2%. The segment’s profit margin narrowed to 17.2% from 20.8%. Commenting on the pressure on profits, Smucker pointed to higher raw material costs, “most significantly” for flour, shortening and milk. “While price increases were taken in most of these categories, they did not fully offset the higher recognized costs, most notably in milk,” the company said. “The net unfavorable impact of a $5.8 million change in unrealized mark-to-market a adjustments on commodity c contracts in the first quarter o 2012, compared to the first of q quarter of 2011, also contributed t the segment profit decline.” to From a sales perspective, the c comp-any experienced mixed r results. Jif peanut butter sales v volume fell 4% versus last year, “p “primarily due to temporary item rati rationalizations and a reduction of promotion promotional activity.” In an Aug. 18 conference call with investment analysts, Vince Byrd, president and chief operating officer, said the rationalization left Smucker well positioned for fall back-to-school promotions. Still, he predicted significantly higher peanut costs for the 2011 peanut crop year. Asked by an analyst to elaborate on what transpired in peanut butter, Paul Wagstaff, president of the retail foods business, said actions were taken in response to what was a poor 2010 peanut crop. “We temporarily discontinued eight of our items to focus on our core 18-oz and crunchy and creamy products, to make sure that we had those products on shelf during the summer first quarter,” he said. “In line with that, what we decided to do is basically reduce our first-quarter promotional activities. We made sure that we had enough inventory build in our warehouse, which we do have right now. And that basically led to some lower volume in peanut butter as well as in our jam and jelly business, because we couldn’t cross-promote with peanut butter. “So, where we are now is we have inventory levels that are solid.” Mr. Wagstaff did not offer a forecast of the 2011 crop or prospective supply adequacy in the year ahead. Better results were achieved in the company’s baking products business, with a 14% sales gain driven primarily by Pillsbury brand mixes. “The impact of price increases and sales mix more than offset flat volume in the overall baking category,” the company said. Crisco shortening and oils net sales rose 4% because of price increases, but volume was down 6%. In canned milk, net sales were down 4% and volume tumbled 10%. Looking beyond the elements of the company’s business under serious pressure, Smucker said the company grew share overall during the quarter in its key categories: peanut butter, fruit spread, oils, baking and milk. Operating profits of the U.S. Retail Coffee business were $139.7 million, up 25% from $111.9 million in the first quarter of fiscal 2011. Net sales were $500.1 million, up 27%. The segment’s profit margin narrowed slightly to 27.9%, from 28.4%. Smucker ascribed the profit increase in coffee to earlier price increases that more than offset gains in green coffee costs. The company recorded $6 million in mark-tomarket commodity contract gains. The company said the impact on profits of the higher green coffee costs were expected to be felt in future quarters. The sales gain reflected price increases (four taken since May 2010), but overall segment volume declined 8% in the first quarter, excluding the impact of the Rowland acquisition. The acquisition accounted for 5 percentage points of the 25% sales increase. Contributing to a favorable sales mix were the continued rollout of Folgers Gourmet Selections and Millstone K-Cups, launched in the second quarter of 2011 (adding 6 percentage points of the sales increase but only 1 percentage point to volume), Smucker said. For the full-year 2012, the company said it expects net sales to increase significantly as the result of net price realization. Yet the 6% decrease on the majority of coffee products sold in the United States is expected to lower 2012 sales growth from its 20% growth estimate. The company expects income per diluted share in the range of $5 to $5.15. FBN 14% from $1,047,312,000 during the same quarter of the previous year. “We delivered strong sales and earnings growth this quarter with net price realization across most categories and contributions from the recently acquired Rowland Coffee business,” said Richard K. Smucker, executive chairman and co-chief executive officer. “While the marketplace remains very competitive, we are confident in our team’s ability to respond swiftly in the current environment to meet the needs of our consumers. Additionally, we are encouraged that costs have moderated in the green coffee markets. As a result, we are confident in confirming our earnings outlook for the fiscal year. Further, we remain committed to building our brands for the long term.” Responding to coffee futures markets weakness, Smucker earlier in August said it was lowering prices by 6% for most of its coffee products. 20 FOODBUSINESS NEWS ® August 30, 2011

Table of Contents for the Digital Edition of Food Business News - August 30, 2011

Food Business News - August 30, 2011
Contents
Web Contents
Editorial - Food itself plays major role in demand for food
Private equity group acquires Minnesota-based candy company
F.D.A. seeks more comments on phytosterols
MegaMex acquires Fresherized Foods
Nestle updates nutrition labeling system
OpenGate Capital to acquire Dean Foods facility
Walgreens launches Nice! store brand
Hormel Foods earnings up 15% in quarter
With charges, Heinz income down 6% in quarter
Consumers dissatisfi ed with frozen meal portions
Kraft cutting coffee prices 6%
California Pizza hires G.J. Hart as president, c.e.o.
Accountability at the heart of new food safety law
General Mills, Batter Blaster win G.M.A. innovation awards
Rowland acquisition boosts Smucker earnings
Coca-Cola, partners to invest $4 billion in China
July milk production up 0.8%
Washington - ' Fit for Life' bill targets childhood obesity
Soaring egg prices, egg products still rising
Health and Wellness - From digestive health to weight management
Ingredient Innovations - Tropical assistance
New Product Trends - Natural, low-calorie refreshment
New Food Products
INGREDIENT MARKET TRENDS - Statistics Canada forecasts record canola crop
Ingredient Markets
Supplier Innovations and News
Classifieds
Marketplace
Ad Index
Food Business in the News
Feature - Hormel Foods earnings up 15% in quarter
Feature - Natural, low-calorie refreshment
Feature - Soaring egg prices peaking, egg products still rising

Food Business News - August 30, 2011

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