J. M. Smucker swung to a profit in the first quarter as sales climbed 5% to $2.22 billion, beating analyst estimates of $2.13 billion.

The owner of Jif peanut butter and Folgers coffee posted net income of $324.3 million, or $3.03 a share, compared with a loss of $43.9 million a year earlier. Stripping out one-time items, adjusted earnings reached $3.24 a share, well above the Fact Set consensus of $2.22 a share. The company raised its full-year adjusted earnings outlook to $10.50 to $11 a share, up from a prior forecast of $9.75 to $10.25.

Chief Executive Mark Smucker attributed the strength to robust first-quarter performance and improving expectations for the remainder of the year. Looking ahead, J. M.

Smucker now expects fiscal 2027 net sales to decline 1% to 2%, a less severe outlook than the previous forecast of a 3% to 4% decline. The company plans to drive volume growth and improve profitability while leaning away from price increases. Analysts polled by Fact Set are modeling $8.78 billion in sales for the coming year, marking a 3% decrease from last year.