Shares of J.M. Smucker Co. (SJM) rose as much as 11% Thursday after the company's fiscal fourth-quarter earnings more than doubled, smashing analysts' estimates, boosted in part by its November acquisition of Folgers.

The growth of the company's coffee segment hints that consumers could be making a frugal switch from buying their daily cup of java at leading stores, such as Starbucks Corp. (SBUX) and Panera Bread Company (PRNA), and instead brewing a pick-me-up at home.

Chairman and Co-Chief Executive Timothy P. Smucker said Thursday in a conference call that the company is well prepared for the at-home consumption coffee trend, which he expects will continue.

"While this magnitude of gain may be difficult to repeat, this quarter's result in coffee solidifies our belief in the transaction and provides evidence that our ownership of Folgers will provide significant opportunities," said Smucker. He added the company expects to achieve its $80 million synergy target by the end of this fiscal year.

The company has already laid its plans for its coffee segment. During the call, Vince Byrd, president of J.M. Smucker's coffee business, said the group expects to complete the integration of its inventory and accounting management system that accounts for the purchase of raw coffee. The group will also seek to capitalize on the gourmet coffee segment by growing the Dunkin' Donuts business, in which it holds the rights to sell the Dunkin Donuts coffee brand in retail stores.

In recent trading, shares of the jam and jelly maker rose 8.1% to $47.19, extending Wednesday's minors gains of 1.3%. Earlier the stock rose as much as 11% to an intraday high of $48.68. Shares of the company have risen 28% in the last three months.

The company also projected earnings for the new year above estimates - $3.65 to $3.80 a share - with revenue of $4.5 billion. Analysts surveyed by Thomson Reuters expected earnings of $3.37 and revenue of $4.7 billion.

Smucker - which makes its eponymous jam, Jif peanut butter and Crisco oils - has sought in recent years to expand by buying up a series of food and consumer brands, many of which were dumped by its much larger competitors.

Smucker said the company's core business continues to be solid and the recently added coffee business has exceeded its expectations.

For the period ended April 30, the company reported income of $94.3 million, or 80 cents a share, up from $37.1 million, or 67 cents a share, a year earlier. Per-share results didn't increase as much because of the stock issued in the Folgers deal. Excluding restructuring and merger costs, earnings rose to $1.02 from 73 cents.

Net sales soared 81% to $1.07 billion, with acquisitions, including Folgers, contributing $474.3 million.

Analysts were expecting earnings of 63 cents and revenue of $997 million.

Gross margin jumped to 37.4% from 30.9% on the Folgers deal. Increased prices and acquisitions have been helping the company offset the impact of higher marketing and food costs.

Volume rose in several categories, including Pillsbury baking mixes and frostings, Hungry Jack products and Eagle Brand condensed milk, though it declined in oils and peanut butter.

Net sales in the U.S. retail market - the company's largest - rose 5% on higher prices.

Smucker in November acquired Procter & Gamble Co.'s (PG) Folgers coffee business for $2.65 billion in a move that was expected to nearly double its annual sales. The Folgers deal capped off a string of acquisitions that included ConAgra Foods Inc.'s (CAG) Knott's Berry Farm food brand.

-By Aja Carmichael, Dow Jones Newswires; 212-416-2187; aja.carmichael@dowjones.com;

(Kerry E. Grace also contributed to this report.)