Diamond Foods income climbs 61% in year

by FoodBusinessNews.net Staff
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SAN FRANCISCO — Net income at Diamond Foods, Inc. in the year ended July 31 was $23,743,000, equal to $1.48 per share on the common stock, up 61% from $14,756,000, or 92c per share, during fiscal 2008. Sales for the year were $570,940,000, up 7% from $531,492,000 during the previous year.

"By focusing on growing our branded retail business, we achieved significant retail sales, margin and profitability improvements in fiscal 2009 that position us for continued growth as we head into fiscal 2010," said Michael J. Mendes, president and chief executive officer. "Today, we are increasing full-year fiscal 2010 guidance that projects GAAP earnings will expand 18% to 25% over fiscal 2009. Our snack brands performed exceptionally well during the fiscal year with both Emerald and Pop Secret exceeding our projections. In order to continue this momentum, on Oct. 1 we will launch our first-ever marketing initiative that integrates all three of our brands."

For the fourth quarter ended July 31, the company had income of $4,203,000, or 26c per share, up 60% from $2,634,000, or 16c per share, during the same quarter of the previous year. Sales for the quarter were $113,816,000, nearly flat compared with $113,148,000 during the same quarter of the previous year.

The company has given an outlook for fiscal 2010 of earnings per share of $1.70 to $1.80 compared with a previous guidance of $1.55 to $1.70.

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