US snack maker Diamond Foods has posted “record” first-quarter earnings on the back of bumper quarterly sales.
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The company yesterday (3 December) booked net income of US$10.7m for the three months to 31 October, up from $8.3m a year earlier.
Diluted earnings per share jumped 23% from $0.52 to $0.64, Diamond said.
Net sales rose 6% to $195.5m as Diamond’s North American retail sales grew 23%.
“Our efforts to reduce costs and strengthen retail distribution by investing behind our brands helped us post strong results despite a difficult economic climate,” Diamond president and CEO Michael Mendes said.
“Looking ahead, our brands are well positioned to benefit from changes in spending patterns as consumers prepare more meals at home or look for greater value in their food choices.”
