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J.M. Smucker posts higher net earnings, boosted by tax changes

J.M. Smucker Co.'s net earnings rose to $1.15 billion for the nine months ending Jan. 31, compared to $481.9 million in the same period a year ago.

The increase of 139.20% was buoyed by a benefit of $765.8 million recorded in the fiscal third quarter, related to the new U.S tax law.

Net sales for the period fell to $5.58 billion from the previous year's $5.61 billion, while cost of sales increased to $3.43 billion compared to $3.42 billion previously.

Adjusted EBITDA fell 1.42% to $1.21 billion from $1.23 billion in the same period a year ago.

The company's EPS increased to $10.15 from $4.14 in the same period a year ago.