Diamond Foods has upped its profit guidance after posting “strong” financial results for its third quarter.
The snacks manufacturer said yesterday (2 June) that it now expects non-GAAP EPS to reach between US$2.48-2.52 against previous forecasts of $2.45-2.51.
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The announcement came as the manufacturer posted a net profit for the quarter ended 30 April against a loss in the same quarter of the previous year. Net profit reached US$7.7m against a $4.2m loss in the corresponding period of the previous year, which it attributed to costs associated with the acquisition of crisps brand Kettle.
Net sales were up 61% over the year to $223m, which was driven by significant growth in snack revenue and international non-retail sales. The 72% revenue growth in its snack division was due to two additional months of Kettle in the results this year and double digit organic growth across the snack portfolio.
“Our business performed well during the quarter, including double digit organic growth in our snack portfolio,” said Michael Mendes, chairman, president and CEO. “Based on our strong overall performance and effective integration of Kettle, we have increased our financial guidance for the year. We’re off to a strong start in planning for the integration of Pringles, and are encouraged by the prospects for the new combined entity.”
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