Diamond Foods Beats Q3 Estimates; Expects Sales Decline (DMND)
Diamond Foods (NASDAQ: DMND) released its fiscal third-quarter earnings results on Monday after the closing bell.
The company reported earnings and revenue that was above Wall Street consensus, but said that it expects sales to fall in the second half of the fiscal year. At last check, the stock was halted.
Diamond reported earnings per share of $0.05 compared to a loss of $0.22 per share in last year's corresponding quarter. This came in significantly ahead of Wall Street analysts' consensus EPS estimates calling for a loss of $0.17.
Revenue in the quarter was $184.9 million compared to sales of $207.68 million last year. This also came in ahead of consensus estimates calling for revenue of $175.1 million in the fiscal third-quarter.
Looking ahead, the company said that it expects its net sales to be lower in the second half of the fiscal year, driven by declines in the nut segment.
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