J. M. Smucker Co. reported sales rose in the latest quarter as the food and beverage company saw strength in U.S. retail coffee and its results were aided by the acquisition of Ainsworth Pet Nutrition.
The Orrville, Ohio, company recorded a third-quarter profit of $121.4 million, or $1.07 a share, down from $831.3 million, or $7.32 a share, a year earlier. During the quarter, the company recognized a noncash impairment charge of $107.2 million due to its U.S. retail pet foods business.
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