Smart Balance today (4 August) upped its full-year sales and earnings forecasts after it swung into the black in the first half of the year and acquired Canadian gluten-free firm Glutino Food Group.

For the six months to the end of June, the US company recorded a profit of US$6.9m compared to a net loss of $130.1m last year.

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The firm also made an operating profit of $15m in the period, compared to a loss of $123m in the prior-year period. Sales edged up 0.5% to $118.7m.

Smart Balance said it now expects to grow net sales in the 10% to 12% range and cash operating income in the 12% to 14% range. The group had expected net sales to grow at a mid-single-digit rate and cash operating income to rise in the high single digits.

For the second quarter, Smart Balance made a profit of $3.3m compared to a loss of $133.1m last year, and an operating profit of $7.4m against a loss of $128.8m. Sales climbed 6% in the quarter to reach $59m.

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Smart Balance CEO Stephen Hughes said a strong quarter and the acquisitionof Canadian gluten-free firm Glutino Food Group, which was announced yesterday, have both contributed to an improved outlook for 2011.

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“In the quarter, net sales growth improved as the overall spreads category stabilised from the price increases initiated earlier in the year. Our enhanced milk initiative is achieving solid top-line growth. Earth Balance continues to perform well, with approximately 26% sales growth, driven by product innovation and continued strong performance from the natural channel.”