J.M. Smucker Co.
J.M. Smucker Co. nearly tripled its profit in the second quarter as the addition of Folgers coffee gave a jolt to its lineup and lower commodity prices fattened its profit margins. The results topped Wall Street expectations.
The company also raised its outlook for the year, sending its shares soaring Friday.
The maker of Jif peanut butter, Pillsbury frosting and its namesake jams and jellies earned $140 million, or $1.18 a share, for the quarter, up sharply from $51.5 million, or 94 cents a share, earned last year. Sales grew 52 percent to $1.28 billion.
D.R. Horton Inc.
D.R. Horton Inc. said Friday that its loss in its fiscal fourth quarter narrowed despite a plunge in revenue as the homebuilder wrote down fewer costs.
But the writedowns were still wider than anticipated by Wall Street, and the company’s shares tumbled 15 percent Friday, closing at $10.37, down $1.88.
The loss amounted to $231.9 million, or 73 cents a share, compared with a loss of $799.9 million, or $2.53 a share, a year earlier. Revenue fell 42 percent to $1.01 billion.
