UPDATE: Diamond Foods Q2 Earnings Beat Views

reported stronger-than-expected earnings for its fiscal 2015 second quarter and lifted its earnings outlook for the full year. The San Francisco, California-based company posted GAAP net income of $11.2 million, or $0.35 per share, versus a year-ago loss of $15.1 million, or $0.68 per share. Excluding certain items, non-GAAP net income climbed to $0.35 per share from $0.12 per share. Its consolidated net sales climbed 4.1% y/y to $229.7 million in the quarter. However, analysts were expecting earnings of $0.25 per share on revenue of $236.45 million. Snacks segment net sales climbed 3.2% to $120.4 million during the quarter, while Nuts segment sales rose 5.2% to $109.2 million. Gross profit rose to $61.2 million, or 26.6% of net sales, in the second quarter, versus $55.9 million, or 25.4% of net sales, in the year-ago quarter. Adjusted EBITDA surged to $33.8 million from $28.6 million. "We are encouraged with our earnings performance in the second quarter. Strong sales and margin improvement in the US drove these results, but our overall sales were muted by continued challenges in the UK," said Brian J. Driscoll, President and CEO. Diamond Foods lifted its FY adjusted earnings forecast to $0.95 to $1.10 per share, versus earlier outlook of $0.90 to $1.10 per share. Diamond Foods shares rose 1.09% to $27.78 in after-hours trading.