UPDATE: Smucker Reports Upbeat FQ1 Profit

J.M. Smucker Co SJM reported an 8.4% rise in its net income for the fiscal first-quarter. Smucker's quarterly earnings rose to $111.5 million, or $0.98 per share, from $102.9 million, or $0.86 per share, in the year-ago period. Its adjusted profit came in at $1.12 per share. Its revenue climbed to $1.19 billion from $1.05 billion. However, analysts were expecting a profit of $1.08 per share on revenue of $1.26 billion. Smucker affirmed its FY12 adjusted earnings forecast of $5 to $5.15 per share. Smucker shares gained 0.89% to close at $75.56 yesterday.