US snack maker Diamond Foods posted an increase in full-year earnings yesterday (30 September), boosted by sales in its Emerald and Pop Secret brands.
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Net profit for the twelve months ended 31 July reached US$45.8m from $23.9m in the previous year.
Net sales grew 7% to $570.9m compared to $531.5m for the prior year. North American retail sales increased 26% as snack sales grew 113% and culinary sales rose 1%.
Adjusted EBITDA also increased, growing 64% to reach $61.1m, enabling the company to reduce total debt less cash and equivalents by $110.8m since the end of the first fiscal quarter when Pop Secret was acquired.
“By focusing on growing our branded retail business, we achieved significant retail sales, margin and profitability improvements in fiscal 2009 that position us for continued growth as we head into fiscal 2010,” said Michael Mendes, president and CEO.
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By GlobalDataHe added: “Today, we are increasing full-year fiscal 2010 guidance that projects GAAP earnings will expand 18 – 25% over fiscal 2009.”
Check back later for more comment from Diamond Foods after the company’s conference call with analysts. Click here for the full release.
