Diamond Foods Up Slightly After Q1 Results
Shares of Diamond Foods (NASDAQ: DMND) were trading up around 0.36 percent to $14.01 after the company released its fiscal first quarter earnings results on Monday. The company reported a loss for the period of $10.7 million or $0.49 per share, compared to earnings of $10.8 million or $0.47 per share, in the year ago period.
On an adjusted basis, net income was $5.2 million or $0.24 per share, compared to $16.3 million or $0.71 per share, in the year ago period. This beat analysts' consensus earnings per share estimates of $0.23 by a penny.
Net sales in the quarter were $258.4 million versus $287.3 million last year. This missed analysts' consensus revenue estimates of $274.4 million by a wide margin. Despite the revenue miss, the stock has not moved much in after hours trading.
Heading into the report, DMND had lost nearly 57 percent in 2012. During Monday's regular trading session, the stock closed 0.94 percent higher to $13.96.
Diamond had been rocked by an accounting scandal earlier in the year which prevented the company from closing an agreed upon deal to acquire Pringle's from Proctor & Gamble (NYSE: PG).
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.