Diamond Foods has posted a 43% surge in net income for its second quarter, boosted by higher sales and an improved product mix.
Net income rose to US$8.82m in the three months ended 31 January, up from $6.14m in the previous year, Diamond revealed.
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Revenue totalled $184.2m for the second quarter up 22% from last year’s $150.9m. The US snack maker said that revenues were boosted by higher sales of its Emerald and Diamond brand nuts.
“Profitability benefited from greater Emerald sales, an improved mix of Diamond culinary and in-shell sales, and a later walnut crop this year than last, which shifted sales of non-retail products from the first fiscal quarter to the second,” Michael Mendes, chairman, president and CEO, said.
For the six months to the end of January, Diamond recorded net income of $23.7m, compared to $16.8m last year. Sales grew from $346.1m to $364.8m.
In a separate announcement Diamond, which also sells Pop Secret popcorn, said that it plans to buy Kettle Foods for $615m.
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By GlobalData
