Diamond Foods has booked second-quarter sales and adjusted earnings below Wall Street forecasts, hitting the Kettle Chips firm’s shares in early trading today (12 March).

The US group yesterday (11 March) reported adjusted earnings per share of US$0.05 for the three months to 31 January, compared to $0.01 a year earlier. Net sales fell 15.8% to $220.8m as Diamond delisted “underperforming” SKUs and reduced promotions.

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Shares in Diamond, which filed its results after the market closed yesterday, were down 5.05% at $16.70 at 09:42 ET today.

Adjusted EBITDA, which excludes costs including those incurred when Diamond restated financial results after the 2011 accounting scandal, was $22.9m, up from $16.6m a year earlier.

CEO Brian Driscoll said: “Our second quarter results reflect continued progress against our key initiatives, which are aimed at driving margin expansion and a more sustainable topline growth profile over time.”

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