J.M. Smucker Profit Falls on Lower Sales
J.M. Smucker Co., the largest U.S. maker of jellies and jams, said fourth-quarter earnings fell 4.6% on restructuring costs and lower sales of brands including Crisco shortening.
Net income fell to $22.2 million, or 44 cents a share, from $23.2 million, or 46 cents, a year earlier, the Orrville, Ohio-based company said. Sales in the quarter ended April 30 declined 1.1% to $325.4 million, the first drop in more than three years.
Shares of Smucker fell $2.15 to $46.50 on the NYSE.
From Bloomberg News
* Winnebago Industries Inc., the largest U.S. maker of motor homes, said its fiscal third-quarter profit surged 90% as sales of diesel-powered vehicles more than doubled.
* Carnival Corp., the world’s largest cruise company, posted a sharply higher profit for its fiscal second quarter as cruise prices and bookings continued to recover from a slowdown caused by terrorism fears and the war in Iraq. The Miami-based company reported net income of $332 million, or 41 cents a share, in the three months ended May 31, compared with $128 million, or 19 cents, a year earlier.
