US: Boulder shares jump after Q4 profit growth
Boulder Brands had a positive fourth quarter
Shares in Boulder Brands climbed today (27 February) after the US company posted a rise in fourth-quarter profits.
Operating income for the period ended 31 December 2013 was up 16.9% at US$13.1m. Net income was up $1.1m to $4.8m.
Non-GAAP operating income, after considering one-off costs including from the Evol Foods acquisition and the move of the Boulder HQ, increased 38.8% at $16.1m
Non-GAAP net income rose to $6.7m from $3.6m.
The improved profits came as Boulder's net sales grew 11% to $125.5m thanks to strong performance in the firm's "natural" division, which includes gluten-free brands Udi's and Glutino
Chairman and CEO Stephen Hughes stated, "We ended the year on a strong note, as we continued to see strong sales momentum in our natural segment and improved profitability in our Smart Balance segment. Our natural segment, which includes the Udi's, Glutino, and Earth Balance brands, represented 65% of our total net sales and reported a strong net sales increase of 34.4%. The natural segment continued to benefit from distribution gains with our gluten-free brands and Earth Balance spreads, nut butters and snacks."
Boulder Brands cut its 2014 financial outlook from $0.39 to $0.44 earnings per share, down from an initial estimare of $0.41-$0.46 earnings per share "to reflect updated estimates for stock-based compensation and depreciation and amortization," the firm said in a statement.
Nevertheless, shares in Boulder were up 3.4% at $14.30 at 14:28 ET.
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