Diamond Foods Falls Following Its Q1 Results

Shares of Diamond Foods DMND are trading lower in the after-hours following the release of the company's Q3 earnings results. Currently, shares are down by 1.61%, trading at $70.20; they closed the regular session lower by 1.78%, at $71.35. Diamond Foods said that Q3 EPS was $0.52 on revenues of $223 million. The Street was looking for $0.48 per share on revenues of $216.6 million. Revenues increased 60.8% year over year. Diamond Foods guided Q4 below consensus, saying it sees EPS in the range of $0.40-0.44 on revenues of $210-220 million; the Street was at $0.48 per share on revenues of $211.47 million. "Our business performed well during the quarter, including double digit organic growth in our snack portfolio," said Michael J. Mendes, Chairman, President and CEO. "Based on our strong overall performance and effective integration of Kettle, we have increased our financial guidance for the year. We're off to a strong start in planning for the integration of Pringles, and are encouraged by the prospects for the new combined entity." Diamond Foods, Inc., incorporated in 2005, is a packaged food company focusing on building, acquiring and energizing brands. The company specializes in processing, marketing and distributing snack products and culinary, in-shell and ingredient nuts.