US: Diamond Foods raises FY guidance
US snack maker Diamond Foods yesterday (27 January) raised its full-year profit forecast on the back of improving margins.
Boosted by the company's expanded snack portfolio, Diamond boosted its full-year earnings per share forecast to a range of US$1.25 to $1.32 per share. Its previous outlook was between $1.20 and $1.27 per share.
The San Francisco-based company also raised its second-quarter earnings per share forecast to between $0.29 and $0.34 per share. Its prior guidance was for net income in a range of $0.24 cents to $0.29 per share.
President and CEO Michael Mendes said: "Based on the solid performance of our Diamond culinary nut business and our snack portfolio, which consists of Emerald snack nuts and Pop Secret microwave popcorn, we now expect to achieve EPS growth of between 37-45% for the fiscal year. We are pleased by the complimentary nature of our expanded snack portfolio, and believe we will benefit from the synergy of the larger business in the future."
Mendes also indicated that the integration of Pop Secret into the company's snack portfolio should be complete during the third fiscal quarter.
Diamond Foods bought the popcorn business from food maker General Mills in August last year, in a cash deal valued at $190m.
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