US snack maker Diamond Foods has upped its earnings forecast for the second half of the year as its acquisition of crisp firm Kettle Foods nears a close.
Diamond, which last month agreed a US$615m deal to buy Kettle, said it expects to close the acquisition sooner than it had thought.
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The company said it now expects to seal the deal at the end of the month after receiving the early termination of a waiting period under antitrust rules.
“Based on the accelerated close, the company now expects to generate $0.47 to $0.50 in non-GAAP EPS during the second half of FY2010, compared to $0.44 to $0.48 reflected in previous guidance,” Diamond said. “The new guidance reflects continuing strong Diamond operating results and the addition of Kettle operations for four months.”
