UPDATE 3-JM Smucker Q3 profit edges past Street; 2009 view cut

miércoles 25 de febrero de 2009 20:20 CET

* Q3 adj EPS 88 cents beats Street by 1 cent

* Increased pricing, Folgers acquisition help Q3 results

* Cuts 2009 outlook

* Peanut-butter scare taints outlook * Shares fall 8 pct (Recasts, adds details from conference call, more background, analyst comments, updates share movement)

By Mihir Dalal

Feb 25 (Reuters) - Peanut-butter and jelly maker J.M. Smucker Co (SJM.N: Cotización) posted a third-quarter profit that edged past market estimates, helped by higher prices and its Folgers acquisition, but cut its 2009 outlook on expected weak peanut-butter sales and increased ammortisation costs, sending its shares down 8 percent.

"The new guidance that they provided for this fiscal year was disappointing. I was especially surprised by the increased amortization expenses," said S&P equity analyst Tom Graves, adding that the rise in amortization costs was the reason behind the fall in the company's stock.

Increased non-cash amortization expenses are expected to rise by 17 cents a share in 2009, a company executive said on a conference call with analysts.

The company also expects marketing expenses to increase due to the Folgers acquisition.   Continuación...