ORRVILLE, Ohio (AP) ? J.M. Smucker Co. says its second-quarter net income rose 8 percent as it raised prices in most categories to offset higher commodity costs.
The maker of Folger's coffee, Jif peanut butter and its namesake jams says net income rose to $111.5 million, or 98 cents per share, from $102.9 million, or 86 cents per share last year.
Excluding one-time items, net income totaled $1.12 per share. That beat analyst expectations of $1.08 per share.
Revenue rose 14 percent to $1.19 billion from $1.05 billion a year ago. Analysts expected $1.26 billion.
Earlier this week, Orville, Ohio-based Smucker's lowered its U.S. coffee prices, after raising them four times over two years as raw coffee prices soared. Smucker's is one of the few coffee sellers to announce a price cut.
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