J.M. Smucker (SJM) reported fourth quarter earnings on Thursday that missed analyst estimates. The coffee and sweet spreads producer was hit by higher coffee bean costs and saw coffee sales drop for the tenth straight quarter. J.M. Smucker posted a loss of $90.3 million or $0.98 per share, heavily down on last year’s numbers $1.16 per share. Revenue beat estimates, coming in at $1.45 billion. J.M. Smucker is attempting to revive coffee sales by discounting its Folgers coffee brand. Last year the company hiked prices following a drought in Brazil that dented yields. The maker of Jif peanut butter and Smucker’s fruit preserves saw its shares drop around 4 percent on Thursday. The company was also hit by costs associated with its acquisition of Big Hearts Pet Brand.
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