J. M. Smucker Co., best known for its peanut butter and jelly, posted higher-than-expected 74% growth in its third quarter earnings as its Folgers coffee business continued to grab positive results, and raised its full-year profit outlook.

For the third quarter ended Jan. 31, the company witnessed its net income to touch $135.5 million, or $1.14 a share, compared with $77.9 million, or 68 cents a share, the previous year. Moreover, its net sales are reported to grab a
2 percent rise to $1.21 billion, exceeding analyst estimates of $1.16 billion.

Excluding items, the company earned $1.17 a share, beating analysts' average estimate of $1.05 a share, according to Thomson Reuters I/B/E/S.

"We delivered record results once again this quarter, driven by a successful fall bake-and-holiday period, with volume and sales gains across most of our brands", said Executive Chairman and Co-Chief Executive Richard Smucker.

Folgers, the largest producer of retail packaged coffee in the United States, attributed $510.3 million to net sales in the third quarter, compared with $468.5 million in the year-ago period.