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Wednesday, Nov 14
2012, 5:41 PM
Diamond Foods (DMND) -18.7% AH after restating results for FY10 and FY11, and reporting results...
Diamond Foods (DMND) -18.7% AH after restating results for FY10 and FY11, and reporting results for the first 3 quarters of FY12 (ended in July). Sales for the first 3 quarters totaled $757.4M (+3.5% Y/Y) and EPS amounted to $0.53, down from a restated $1.54 for the year-ago period. Gross margin fell 480 bps Y/Y to 18.1% thanks to (surprise, surprise) a drop in walnut crop deliveries and higher walnut costs. Diamond expects to report FY12 sales of $950M-$975M vs. FY11's $966.7M. Also, two board members are stepping down, and walnut grower Bill Tos is joining.