Diamond Foods Posts Mixed Earnings (DMND)

Diamond Foods, Inc.

reports Q3 earnings of $0.34 versus consensus of $0.28. Diamond Foods, Inc. reports revenues of $176.6 million versus consensus of $189.62 million. Revenues increased 55.2% year over year. For the full year of fiscal 2011, DMND now expect EPS to range from $2.38 to $2.48 compared to $2.35 to $2.45 previously. This implies net income growth of between 45 percent and 50 percent over fiscal 2010's non-GAAP results. Net sales are expected to be between $910 million and $940 million. "We successfully acquired and integrated Kettle Foods while driving strong organic growth in our base business, delivering 52 percent earnings growth for the year," said Michael J. Mendes, Chairman, President and CEO. "For 2010, our snack sales grew 70 percent and are projected to exceed $540 million this year, 25 times larger than when we went public in 2005." Shares of DMND are lower in the after-hours by 2.07%.