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Green Mountain Misses Expectations with Q4 Report Thursday, November 10, 11:14 AM ET Green Mountain Coffee Roasters (GMCR) shares are plunging today after the company reported disappointing fiscal fourth quarter earnings late yesterday.
The maker of Keurig single-serving coffee makers said profits totaled $75.4 million, or $0.47 per share, compared to $27 million, or $0.20 per share, in last year's fourth quarter.
Sales surged 91%, to $712 million.
But both earnings and sales figures fell short of analyst expectations.
CEO Lawrence Blanford called fourth quarter sales 'strong' but said it fell short of the company's own estimates due to changes in wholesale customer ordering patterns in grocery and club channels despite steady consumer point-of-sale demand in those channels.
Green Mountain is looking for 2012 adjusted earnings of $2.55 to $2.65 per share.
Despite announcing partnerships for branded K-Cup coffee packs with Dunkin Brands (DNKN) and Starbucks (SBUX) in recent months, Green Mountain has also faced headwinds in the form of the Rogers Family Co. developing a Keurig-compatible single serving coffee pack that does not infringe on its own patent. Rogers Family Co. said it plans to sell its product at Costco (COST).
For MarketNewsVideo.com, I'm Sayoko Murase. | |
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