Diamond Foods up 4% After Positive Comments by New Management

Diamond Foods

is trading higher on the session following its new management's comments on the company's outlook. Diamond Foods also clarified actions that the company is taking in order to strengthen its balance sheet. In February, the company announced that it replace its CEO and CFO following the accounting issues that are forcing Diamond Foods to reinstate its financial statements. "Since February 8, 2012, Diamond's team has taken a number of actions to address the issues facing the Company and to better position Diamond for the opportunities we see going forward," said Rick Wolford, Diamond's Interim President and CEO. "With regard to its core business, Diamond's management team is sharply focused on optimizing the strategy, performance and execution of each of its product lines," continue Rick Wolford. Diamond foods also reported that its snack brands have continued to deliver strong retail sales, with share gains for Emerald, Pop Secret and Kettle in the most recent 12-week Nielsen tracking period. Diamond said its culinary branded retail sales are up 7% in the 12-week period, largely on the strength of price increases implemented in the past year. Diamond Foods is currently trading at $25.55, a gain of $1.02 or 4.14%.