date:Jun 07, 2013
J.M. Smucker Co, maker of Folgers coffee and Jif peanut butter, forecast a full-year adjusted profit largely below market estimates as it failed to benefit from a drop in peanut prices because of long-term contracts signed at higher prices.
Smucker shares fell as much as 5 percent to $96.84 on the New York Stock Exchange on Thursday.
While peanut costs will be lower versus the prior year, the cost/price relationships will negatively impact margins in the first half of the year, Chief Financial