J.M. Smucker Co. (SJM) shares gained Tuesday as the food company posted better-than-expected earnings on higher prices and🐟 lower costs.

The maker of its namesake jelly and Folgers coffee reported a fiscal second-quarter 2024 profit of $2.59 per share, beating 澳洲幸运5官方开奖结果体彩网:estimates. Revenue fell 12% to $1.94 billion, short of forecasts.

The company said that the profit increase was attributable to “higher net price realization, lower green coffee costs, and favorable volume/mix.”  澳洲幸运5官方开奖结果体彩网:Comparable sales rose 7%, with volume/mix adding 4% and ꦓprices co⭕ntributing 3%.

Smucker also noted that it cut its selling, 澳洲幸运5官方开奖结果体彩网:distribution, and administrative (SD&A) expenses, and saved $16 million in 澳洲幸运5官方开奖结果体彩网:amortization expense as a result of the divestiture of its pet food brands, which it sold to Post Holdings (POST) for $1.2 billion earlier this year.

The company lowered the high end of its full-year comparable-sales outlook, which it now anticipates to be a gain of 8.5% to 9.0%, down from the previous estimate of a rise of 8.5% to 9.5%. It also cut its profit guidance to $9.25 to $9.65 𓆉from a range of $9.45 to $9.85.

Although they were up about 3.7% at 2:15 pm Eastern on Tu꧂esday, shares of J.M. Smucker have declined this year.