Diamond Food Deepens Loss in Q4
Diamond Foods stock isn't tasting too good, after the company reported its latest quarterly figures. For its Q4, net sales were just under $200 million, a nearly 11% drop from the $224 million in the same period the previous year. Attributable net loss widened significantly to $147.1 million ($6.71 per diluted share) from Q4 2012's red figure of $32.9 million ($1.52). This quarter's shortfall was badly affected by several one-time expenses, particularly a $96.1 million securities class action lawsuit and a $36 million writedown of assets related to its Kettle Chips brand.
Analysts had been expecting net sales of $193 million and a per-share loss of $0.03.
For the entirety of fiscal 2013, top line was $864 million, a 12% decline from the year-ago number of $981 million. Net loss came in at $163.2 million ($7.48 per diluted share) for the year against 2012's $86.3 million ($3.98).
Diamond Foods also provided limited guidance. The snack-food purveyor said its fiscal 2014 is anticipated "to be a year of earnings improvement." It did not elaborate.
The article Diamond Food Deepens Loss in Q4 originally appeared on Fool.com.Fool contributor Eric Volkman has no position in Diamond Foods. Nor does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.