Both J.M. Smucker Co. (NYSE: SJM) and Carnival Corp. (NYSE: CCL) topped earnings expectations in their respective quarterly reports Thursday, and shares of both ended the day higher.
Smucker said results for the fourth quarter and fiscal year ended April 30, 2009, included the operations of Folgers Coffee Co. since the completion of the merger in November. Adjusted income per share for the quarter was $1.02, a year-over-year increase of 40%. For the full year, it was $3.77 per share, an increase of 20%.
Net sales were up 81% to $1.07 billion in the fourth quarter of 2009, again largely due to the addition of Folgers. Excluding the effect of acquisitions and foreign exchange, net sales increased 3% and 9% for the fourth quarter and fiscal 2009, respectively.
For fiscal 2010, Smucker expects revenue to increase to approximately
Shares closed Thursday nearly 10% higher to $47.86.
Carnival reported a profit of $264 million, or 33 cents per share, on revenue of $2.9 billion for its second quarter ended May 31, 2009. That compares to net income for the second quarter of 2008 of $390 million, or 49 cents per share, on revenue of $3.4 billion.
Carnival said results in the quarter were better than its previous guidance due primarily to lower-than-expected net cruise costs, which were partially offset by higher fuel prices and the impact from disruptions related to the swine flu outbreak.
The company now forecasts full-year 2009 earnings to be in the range of $2.00 to $2.10 per share, compared to its previous guidance range of $2.10 to $2.30.
Shares rose Thursday about 7.5% higher to close at $24.77.
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