US snack firm Diamond Foods has lifted its annual sales forecast after a mixed first quarter of rising revenue but falling profits.
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The company said it expects revenue to reach between US$535-555m during its current financial year. Diamond Foods’ previous forecast was $530-550m.
For the quarter to the end of October, Diamond Foods saw sales rise 9% to $184.5m. However, net income reached $8.3m, down from $9.6m a year earlier.
Nevertheless, president and CEO Michael Mendes insisted Diamond Foods said the company had made a “strong start” to its financial year.
“We were able to successfully increase prices in this high input cost environment, enabling Diamond to beat its estimates while investing in our brands. These investments, particularly for our Emerald brand, will help drive increased sales as the year progresses.”
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By GlobalData
