Smucker Co has declared its June quarter financial results for the fiscal year 2010-11. According to the report, there has been a reasonable hike in its net income of the company.

Smucker has informed that it has managed to receive earnings of $102.9 million or 86 cents per share for the quarter that ended in 30th June, 2010. The company has registered earnings of $98.1 million or 83 cents per share in the similar quarter in the previous financial year.

So far has the net income of the firm is concerned, it has touched $1.04 per share in the quarter under review. Earlier the market analysts have expected that the net income of the firm may go up to a hike 96% in this quarter.

However, there has been a hike of 5% in the net income of the firm in this first quarter of the fiscal year against its year ago like period.

The company is the maker of popular brands like Jif peanut butter, Folgers coffee and other foods. As per the company officials, the lower costs and the price competition has affected the net income of the firm in this quarter.