UPDATE 3-Smucker Q2 beats Street, confirms '09 view; shares up
* Q2 EPS, rev beat estimates
* Confirms FY09 outlook
* Cutting prices on flour, Crisco oil and shortening
* Shares up as much as 10 pct (Adds conference call details, analyst comments, updates stock movement)
By Anne Pallivathuckal
BANGALORE, Nov 21 (Reuters) - Peanut-butter and jelly maker J.M. Smucker Co (SJM.N: Cotización) posted better-than-expected quarterly results as increased prices drove revenue growth across all major brands and businesses, and backed its 2009 outlook, sending its shares up as much as 10 percent.
However, the company said it is significantly cutting prices on food items such as flour and Crisco oil and shortening from January, due to a drop in commodity costs.
"Certain commodity costs have declined and we probably expect to realize the benefit of these lower commodity costs over the next several quarters," Chief Financial Officer Mark Belgya said on a conference call with analysts.
Belgya said the company expects to address pricing in certain categories to reflect the decline in costs. Continuación...