Smucker Profit Rises on Jif, Crisco Purchase

J.M. Smucker Co., the biggest U.S. maker of jams and jellies, said first-quarter profit rose 87% as the purchase of the Jif peanut butter and Crisco cooking oil brands boosted sales.

Net income rose to $16 million, or 39 cents a share, from $8.55 million, or a restated 37 cents, a year earlier, the Orrville, Ohio-based company said. Sales in the quarter ended July 31 increased 62% to $274.9 million from $169.8 million.

Smucker shares fell $1.41 to $34.94 in NYSE trading.