Nut producer Diamond Foods has revealed that net sales growth for the year will be lower than expected as the company looks to rationalise its product portfolio.
Go deeper with GlobalData
The US firm said it expects consolidated net sales of US$522-540m at the end of its fiscal 2008 period after removing some of its less profitable product lines.
In December, upon publishing its first-quarter figures, Diamond forecast that full-year sales would reach $535-555m.
Diamond said yesterday (20 February) that it expects full-year diluted earnings per share to be between US$0.80 and $0.90, including the after-tax effect of stock-based compensation of $0.25 to $0.27 per share.
Speaking at the 2008 Consumer Analyst Group of New York Conference in Boca Raton, Florida, president and CEO Michael Mendes said: “Based on solid earnings performance during the first half of our fiscal year, we have increased confidence in achieving our full-year EPS growth target of over 50%.
“We passed through price increases for our culinary and in-shell nuts in the face of strong input cost pressures without experiencing declines in retail distribution.”
