Diamond Foods Beats 1Q Profit Forecasts

SAN FRANCISCO (AP) -

Diamond Foods Inc. on Monday reported fiscal first-quarter profit of $7.7 million.

The San Francisco-based company said it had profit of 24 cents per share. Earnings, adjusted for one-time gains and costs, came to 28 cents per share.

The results surpassed Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 24 cents per share.

The snack-food maker posted revenue of $246.6 million in the period.

Diamond Foods expects full-year earnings in the range of 90 cents to $1.10 per share.

Diamond Foods shares have risen 12 percent since the beginning of the year.

On Monday, the shares closed at $29.01, a climb of about 13 percent in the last 12 months.