This morning, J.M. Smucker (NYSE:SJM) reported fiscal first quarter earnings of $126.6 million, or $1.19 per share, as revenue fell to $1.35 billion. Excluding one-time items, the company would have earned $1.24 per share, topping Wall Street estimates of $1.20 per share. The company noted that gross margins increased by 5% in the quarter as commodity costs have fallen this year. In the report this morning, J.M Smucker raised its full year earnings guidance to the range of $5.72 to $5.82 per share. Shares of SJM were higher by 0.6% on Wednesday morning.
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