Keurig Green Mountain expands Smucker deal, reports higher profit

Wed May 7, 2014 4:23pm EDT

May 7 (Reuters) - Keurig Green Mountain Inc on Wednesday said it was expanding its partnership with J.M. Smucker Co with a multiyear agreement to make and sell Folgers and other Smucker brands in formats that work with new Keurig brewing systems.

Keurig also said net income rose 22.4 percent to $162.3 million, or $1.03 per share, in its fiscal second quarter, ended March 29, from $132.4 million, or 87 cents per share, a year earlier.

Net sales rose 9.7 percent to $1.1 billion, while analysts expected $1.05 billion, according to Thomson Reuters I/B/E/S. (Reporting by Phil Wahba in New York; Editing by Steve Orlofsky)