THE EARNINGS: J.M. Smucker Co. reported a 3 percent dip in its third–quarter net income because restructuring charges but the food makers’ adjust results beat expectations.
THE DETAILS: Smucker reported net income of $132 million, or $1.11 per share. Adjusted results came in at $1.27 per share, beating analyst expectations of $1.26. The company also raised the low end of its guidance.
REACTION: Investors seemed pleased with the results and “balanced” approach that the company is taking toward pricing, given rising costs for ingredients in its foods. Shares rose more than 4 percent by midday Thursday.