SEATTLE (dpa-AFX) - Green Mountain Coffee Roasters, Inc. (GMCR) Wednesday reported second-quarter profit of $132.4 million or $0.87 per share, up from $93.0 million or $0.58 per share in the comparable quarter last year. 42 %
Adjusted earnings for the quarter was $140.9 million or $0.93 per share. On average, 10 analysts polled by Thomson Reuters expected the company to earn $0.73 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues increased 14 percent to $1.0 billion from $885.1 million last year. Analysts expected revenues of $1.02 billion.
Looking ahead to the third quarter, the company has forecast adjusted earnings in a range of $0.71 to $0.78 per share, with sales growth in the order of 11 percent to 15 percent. Analysts currently expect third-quarter earnings of $0.65 per share.
For the fiscal 2013, the company currently projects adjusted earnings in a range of $3.05 to $3.15 per share, up from the previous guidance range of $2.72 to $2.82 per share.
Full-year sales growth is targeted in the order of 11 percent to 14 percent, down from 15 percent to 20 percent. Analysts currently expect the company to report full-year earnings of $2.84 per share on revenues of $4.47 billion.
The company has also entered into a new five-year agreement with Starbucks Coffee Co. (SBUX) to expand their partnership for the manufacturing, distribution, and sale of the Starbucks and Tazo branded single serve packs for use in GMCR's Keurig single serve brewing systems.
Under the new agreement, Starbucks will add new brands, including Seattle's Best Coffee, Torrefazione Italia coffee, Teavana Teas, and Starbucks Cocoa, to its Starbucks K-Cup and Vue pack portfolio, ultimately tripling the number of Starbucks products and adding brands offered on the Keurig platform.
'The new agreement affords us the opportunity to expand our successful K-Cup and Vue pack portfolio of products and brands beyond North America and to market them on a truly global scale over time, ' said Howard Schultz, Starbucks Chairman, President and CEO.
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