US: Inventure Q4 sales, earnings above Wall St forecasts
Shares in Inventure Foods jumped in New York today (27 November) after the US snack manufacturer's fourth-quarter sales and earnings came in above Wall Street forecasts.
For the quarter to 28 December, Inventure booked earnings per share of US$0.14, adjusted for costs linked to the company's acquisition of frozen fruit and veg supplier Fresh Frozen Foods last autumn. The analyst consensus estimate was $0.11.
Reported Net income was down 20% at $2m. However, adjusted EBITDA, stripping out the Fresh Frozen costs, increased 46.4% to $5.8m.
Net sales climbed 35.2% to $58.9m. Analysts expected Inventure's net sales would rise 29%. Revenue from Inventure's "healthy/natural" products leapt 55.8%.
For the year as a whole, diluted earnings per share was $0.38, adjusted for costs from the Fresh Frozen purchase. Adjusted EBITDA increased 12.2% to $18m.
Reported net income was $6.6m compared to $7.4m
CEO Terry McDaniel said Inventure's annual sales were the highest in the company's history.
"We ... remain confident that we will continue our earnings improvement in fiscal 2014," McDaniel said. "We believe the acquisitions we completed in 2013 will better position us to capitalise on our growth opportunities in the expanding better-for-you and snack food categories and enable us to generate long-term sustainable growth for our shareholders."
Shares in Inventure were up 9.39% at $13.86 at 14:50 ET.
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