UPDATE: Diamond Foods Posts Upbeat Q1 Adjusted Profit

Diamond Foods DMND reported better-than-expected Q1 adjusted profit. On a net basis, Diamond Foods posted a quarterly loss of $10.7 million, or $0.49 per share, versus year-ago earnings of $10.8 million, or $0.47 per share. Excluding special items, the company earned $0.24 per share, versus analysts' estimates of $0.23 per share. Its net sales dropped 10% to $258.5 million. Diamond Foods shares dropped 2.58% to $13.60 in after-hours trading.