Diamond Foods reported improved earnings trends throughout fiscal 2014, with losses growing progressively narrower over the course of the year.
The US snack group’s net loss rose to US$164.7m in the period to 31 July, up from $159.9m in the prior year. The bottom line was dented by losses on the extinguishment of debt as the company restructures its finances in the wake of the 2010-11 accounting scandal over the delayed recording payments to walnut growers. Excluding charges, net income totalled $19.5m, the group added.
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While full-year income was down on the year, Diamond was able to report a progressive improvement through the period, with fourth-quarter losses narrowing to $1.8m from $143.7m.
Full-year operating losses narrowed to $27.3m, compared to $118.2m in fiscal 2013.
Diamond booked a 0.1% increase in full-year sales, which rose to $865.2m. Sales from the group’s snack business, which includes brands such as Kettle, increased 8.2% to $473.7m, offsetting an 8.1% drop in nut sales which fell to $391.5m.
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