Diamond Foods Inc. (DMND) declined in late trading after reporting earnings that missed estimates. The snack maker told Q3 non-GAAP earnings proliferated 38% from the prior year to $0.11 a share, missing the consensus forecast of $0.17 tallied by Capital IQ.
Q3 net sales thrived 3.2% from a year ahead to $190.9 million, measured up with the Wall Street consensus of $192 million.
“Walnut cost surge this quarter impacted our results by $2.2 million,” Brian J. Driscoll, president and CEO of the company, stated in a statement.
A GAAP loss per share of $3.63 was attributed to paying down debt.
The company forecast an annual increase in adjusted Ebitda even though higher tree nut commodity costs are adversely affecting part of its business.
Diamond Foods declined 7% in after-hours trading to $30.98 a share. It has traded from $15.44 to $35.58 in the past 52 weeks.
Diamond Foods, Inc., is a food company that deals in processing, marketing and distributing culinary, in-shell, ingredient nuts and snack products.