US dairy and gluten-free firm Boulder Brands narrowed its net loss in the third quarter and reaffirmed its full-year guidance.
In the three months to the end of September, Boulder reported a net loss of US$1.6m compared to a net loss of $514,000 last year. The company cited “strong” sales momentum in its natural segment and improved profitability in its Smart Balance division.
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Operating income increased to $8.4m in the quarter from a loss of $0.5m in the prior year. Last year’s quarter was unfavourably impacted by restructuring, acquisition and integration-related costs.
Net sales were up 17% to $118.5m, reflecting strong growth from the natural segment. Despite the difficult environment for spreads, Boulder said its premium spreads and spreadable butter products “outperformed” the competition and gained share in its category.
The company reiterated its outlook for the 2013 full year of net sales in the range of $455m to $460m; EBITDA of $69m to $71m; and non-GAAP EPS in the range of $0.29 to $0.31.
Click here to view the full earnings release.
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