The J.M. Smucker Co's (NYSE:SJM) shares rose in premarket trade after the company released market beating second quarter results.
In a statement, the company, which makes Folgers, Dunkin' Donuts and Cafe Bustelo coffee, said during the quarter, net income came in at US$194.6mln, or US$1.71 a share, up from the US$177.3mln, or US$1.52 a share, in the year-earlier period.
READ: J.M. Smucker sees first quarter earnings fall, missing market forecasts, and lowers full year guidance
Adjusted per-share earnings came to US$2.02, ahead of analysts' expectations for US$1.90.
During the quarter, sales rose 1% to US$1.924bn from the US$1.914bn recorded a year ago.
The figure also beat Wall Street's expectations for US$1.900bn.
2018 sales to be flat to down slightly
Chief Executive Mark Smucker said earnings were driven by the pet food business, as well as Dunkin' Donuts coffee and Jif peanut butter.
The company said it is adjusting its fiscal 2018 guidance, lowering the bottom end, to reflect "industry-wide headwinds," and now expects adjusted EPS of US$7.75 to US$7.90. It had previously guided the market towards US$7.75 to US$7.95.
Sales are expected to be flat to down slightly.
In premarket trade, its shares were up 3.28% at US$110.00.