J.M. Smucker raises fiscal 2021 profit forecast

(Reuters) – J.M. Smucker Co on Tuesday raised its forecast for fiscal 2021 adjusted profit, after the Jif peanut butter maker topped estimates for first-quarter sales on strong demand for its coffee, frozen sandwiches and fruit spreads.

Orrville, Ohio-based Smucker forecast fiscal 2021 adjusted earnings to be between $8.20 and $8.60 per share, and net sales to be flat or grow up to 1%.

The Folgers coffee maker had previously projected net sales to decline 1%-2% and adjusted profit per share of $7.90 to $8.30 in fiscal 2021.

Net sales in the first quarter ended July 31 rose to $1.97 billion from $1.78 billion. Analysts on average had expected the food processor to post net sales of $1.81 billion, according to IBES data from Refinitiv.

(Reporting by Praveen Paramasivam and Mehr Bedi in Bengaluru, Editing by Sherry Jacob-Phillips)