Green Mountain Coffee Roasters Inc.(NASDAQ:GMCR) late
Tuesday reported its fourth quarter results that best market estimates, sending
its shares surging 24 percent in after-market trades.
The company earned $91.9 million, or 58 cents per
share, for the quarter that ended Sept. 29. That's up from $75.4 million, or 47
cents per share, earned in its first quarter last year.
After adjusting for costs related to a regulatory
inquiry the company earned 64 cents a share. That was much more than the 48
cents that the analyst polls had predicted.
Green Mountain's total revenue increased 33 percent to
$946.7 million from $711.9 million on stronger sales and price increases for
its single-serve coffee packs. Analysts were expecting revenue of $902.7
million.
The company has been struggling a little bit in recent
years with competition as well as a regulatory probe into its accounting
practices that slowed down decision making.
But it hired a new boss recently, added new brewer
models and introduced more single-serve coffee packages that has been its USP.
The company's revenues from sales of its brewers and
accessories rose 45 percent on year while revenues from its single-serve packs
rose by nearly two-thirds, though royalty revenues fell.
President and CEO Lawrence Blanford said that the
strong quarter speaks to the company's "continued strategic
progress." He said the company's management team also believes it points
to the significant opportunity still ahead for the company.
For the current quarter, the company expects to earn
62 to 67 cents per share. It said its sales would increase 14 to 18 percent
over the same period in its prior fiscal year. That calculates to a revenue
forecast of $1.32 billion to $1.37 billion.
Analysts had forecast earnings of 57 cents per share
on revenue of $1.28 billion
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