Income for Diamond Foods up significantly in quarter

by Bakingbusiness Staff
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SAN FRANCISCO — Thanks in part to strong results in the grocery channel and North American retail sales, net income for Diamond Foods, Inc. was up 144% during the third quarter.

For the quarter ended April 30, income was $2,700,000, equal to 16c per share on the common stock, which compared with $1,106,000, or 7c per share, during the same quarter of the previous year. Sales for the quarter were $111,010,000, up 11% from $100,009,000.

"As our retail growth drives economies of scale and we continue to improve the company’s cost structure, it enables us to invest heavily in our brands and deliver greater value to our retail partners and consumers," said Michael J. Mendes, president and chief executive officer. "As a result, we achieved strong sales and profit growth that exceeded expectations for the quarter. Today, in reflection of these results, we are increasing full-year guidance that projects non-GAAP earnings will expand 44% to 49% as compared to last year."

For the nine months ended April 30 the company had income of $19,540,000, or $1.19 per share, up 61% from $12,122,000, or 76c per share, during the same period of the previous year. Sales for the period were $457,124,000, up 9% from $418,344,000.

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