Green Mountain Coffee (GMCR) Serves Up Great Quarter, But Traders "Sell The News"
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Green Mountain Coffee Roaster Inc. (Nasdaq: GMCR) has taken a hit in the aftermarket hours following the company reporting fourth-quarter results in-line with market estimates.
The company reported fourth-quarter earnings of 34 cents per share, 1 cent better than the market consensus of 33 cents per share. Revenue for the company in the quarter was $222.2 million, which compares to the estimate of $216.62 million. Net sales in the fourth-quarter were up 65% and net income was up 103% from last year.
Green Mountain, which has seen exponential growth in the past year due to the company's K-Cup® single cup coffee product, was hit after the reported earnings today when the company did not beat market estimates by a significant margin.
The company continued to grow in the fourth quarter with net sales of $803 million, 61 percent higher than the $500 million from the same quarter last year. The K-Cup® product grew 70 percent in total units shipped over the year-ago quarter.
"The resulting demand for K-Cups is fueling our growth. This past quarter, Keurig realized the highest ever quarterly year-over-year increase in K-Cup shipments since becoming part of GMCR in the third fiscal quarter of 2006," said Lawrence J. Blanford, Green Mountain’s President and CEO.
The company raised its fiscal year 2010 sales growth target from 45-50 percent to 50-55 percent. Green Mountain also lifted 2010 earnings per share guidance from $1.70-$1.80 to $1.75-$1.85. The market consensus is $1.77.
Shares of Green Mountain are down 9 percent after the close to $69.25.
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