0911 ET - Coffee prices provided a jolt to J.M. Smucker's sales during the latest quarter. CEO Mark Smucker says in prepared earnings remarks that net sales from coffee grew 13%, reflecting higher prices and volume/mix growth. "Net sales growth was driven by increases across all brands, demonstrating the strength of our portfolio, which includes three of the top six brands in the at-home coffee category," he adds. Still, green coffee commodity costs remain volatile, and the company says it will continue to adjust pricing as its cost structures evolve. "In a sustained deflationary environment, we would consider additional pricing actions as lower costs flow through our results," Smucker says. J.M. Smucker is up 5% premarket after lifting its outlook for the year.
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