Nut producer Diamond Foods has revealed that net sales growth for the year will be lower than expected as the company looks to rationalise its product portfolio.
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The US firm said it expects consolidated net sales of US$522-540m at the end of its fiscal 2008 period after removing some of its less profitable product lines.
In December, upon publishing its first-quarter figures, Diamond forecast that full-year sales would reach $535-555m.
Diamond said yesterday (20 February) that it expects full-year diluted earnings per share to be between US$0.80 and $0.90, including the after-tax effect of stock-based compensation of $0.25 to $0.27 per share.
Speaking at the 2008 Consumer Analyst Group of New York Conference in Boca Raton, Florida, president and CEO Michael Mendes said: “Based on solid earnings performance during the first half of our fiscal year, we have increased confidence in achieving our full-year EPS growth target of over 50%.
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By GlobalData“We passed through price increases for our culinary and in-shell nuts in the face of strong input cost pressures without experiencing declines in retail distribution.”
