Shares of J.M. Smucker advanced Wednesday after the jams and jellies maker beat expectations with its quarterly earnings and raised its fiscal-year profit outlook as increased coffee prices boosted sales.

The company posted adjusted earnings of $3.24 a share in its fiscal first quarter ended July 31, up from $1.90 a year ago and above Wall Street's expectation of $2.22. Net sales grew 5% to $2.22 billion, beating the analyst consensus call for $2.13 billion, according to FactSet.

The company said the net sales growth was primarily driven by higher net pricing for coffee.

Looking ahead, J.M. Smucker expects fiscal 2027 net sales to decrease 1% to 2% with adjusted earnings of $10.50 to $11 a share. Wall Street forecasts adjusted earnings of $10.07 a share for the fiscal year.

J.M. Smucker previously predicted net sales would decline 3% to 4% year over year with adjusted earnings per share of $9.75 to $10.25.

J.M. Smucker stock rose 3.2% to $129.50 in premarket trading on Wednesday after ending Tuesday down 0.3%. Shares have gained 5.2% this month and have gained 28% this year as of the closing bell on Tuesday.