Diamond Foods income up 92% in year

by Staff
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SAN FRANCISCO — The acquisition of Kettle Foods and strength in Emerald snack nuts and Pop Secret products helped contribute to a 92% increase in income during the year for Diamond Foods, Inc.

For the year ended July 31, the company had income of $50,211,000, equal to $2.28 per share on the common stock, which compared with income of $26,211,000, or $1.40 per share, during the previous year. Sales for the quarter were $965,922,000, up 42% from $680,162,000 during fiscal 2010.

“Our base Diamond business delivered record financial results this quarter with our snack portfolio up a solid 16% on an organic bases,” said Michael J. Mendes, chairman, president and chief executive officer. “We’re particularly pleased that we could achieve such strong performance while effectively managing the Pringles integration.”

For the fourth quarter ended July 31, the company had income of $8,544,000, or 39c per share, up 27% from $6,740,000, or 31c per share, during the same quarter of the previous year. Sales for the quarter were $232,773,000, up 32% from $176,618,000.

The company said it expects full-year fiscal 2011 earnings per share to be in the range of $3.05 to $3.15, given the Pringles transaction closes in the first half of December. This is an increase from the previously announced $3 to $3.10.

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