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Green Mountain Coffee Roasters (NASDAQ:GMCR), which sells specialty coffee products including K-cup packs, reported better-than-expected quarterly earnings. The results sent shares screaming higher and short-sellers running for the hills.
How Good Are the Earnings?
Late Tuesday, Green Mountain said fiscal fourth quarter earnings came in at $91.9 million (58 cents per share), compared to $75.4 million (47 cents per share) in the same period last year. Excluding items, the company earned 64 cents per share, easily beating the average Wall Street estimate of 48 cents per share.
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With an extra week in the quarter to improve financial results, Green Mountain also impressed analysts on the top line. Net sales jumped 33 percent to $946.7 million in the fourteen weeks ended September 29, 2012. Analysts were only expecting net sales of $902.7 million. In the thirteen weeks ended September 24, 2011, the company reported net sales of $711.9 million.
“Our fourth quarter fiscal year 2012 revenue and earnings growth speaks to GMCR’s continued strategic progress and we believe points to the significant opportunity still ahead for the company,” said chief executive officer Lawrence J. Blanford, who will be replaced soon by Brian Kelley from Coca-Cola (NYSE:KO). “We continue to drive awareness of Keurig single cup brewing and consumers continue to embrace and adopt Keurig brewers and Keurig Brewed beverages as an integral part of their daily routine.”
Shares finally perked up after a disastrous year…
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