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Green Mountain’s fiscal first-quarter earnings easily topped Street consensus, but the stock is down in late trading on a weak second-quarter outlook.
The coffee company, famous for its single-serve coffee packets and a blistering attack from David Einhorn, reported earnings of $107.6 million, or 70 cents a share, up from $104.4 million, or 66 cents, a year ago. On a non-GAAP basis, earnings were 76 cents a share, well ahead of the 65 cents analysts expected.
With revenue growth of 16%, to $1.34 billion from $1.16 billion a year ago, Green Mountain also showed it’s withstanding intensified competition from Starbucks' SBUX -0.27% single-serve coffee brewer, which came out last fall, and the expiration of patents on its coffee pod technology for Keurig.
But the stock is taking heat after the company admitted that growth is moderating in the overall coffee and espresso industry, limiting its potential.
Green Mountain projected 14-18% revenue growth for the current quarter, falling short of analysts’ 20% estimate. Street consensus for non-GAAP EPS is 72 cents a share.
Shares were down as much as 10%, but more recently are down 7% at $45.67.
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