Diamond Foods has posted an increase in annual profits and upped its earnings guidance for its new fiscal year.
The snacks manufacturer reported yesterday (15 September) that net income jumped 91.6% to US$50.2m in the 12 months to the end of July. Adjusted EBITDA for the period jumped 72% to reach $146.2m for the period. Net sales for the full year reached $965.9m, up 42%.
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For the three months to the end of July, the group posted net income of $8.5m, up 26.9%. Adjusted EBITDA reached $30.4m, an increase of 20.2% on the same period last year. Net sales grew 32% to reach $232.8m for the period.
“Our base Diamond business delivered record financial results this quarter, with our snack portfolio up a solid 16% on an organic basis,” said Diamond Foods chairman, president and CEO Michael Mendes. “We’re particularly pleased that we could achieve such strong performance while effectively managing the Pringles integration.”
The snacks manufacturer upped its earnings per share forecast for the new financial year to $3.05-3.15, up from its previous guidance of $3.00-3.10.
The company said it expects annual net sales of between $1.85bn and $1.95bn after having previously forecast net sales of approximately $1.8bn for fiscal 2012.
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