Annie's Q2 Profit Rises, Adjusts 2014 Outlook - Quick Facts

(RTTNews) - Annie's, Inc. (BNNY) reported that second-quarter net income increased to $5.55 million or $0.32 per share from $3.79 million or $0.21 per share for the year-ago quarter.

Excluding items, adjusted net income for the quarter was $4.92 million or $0.28 per share, compared to $4.20 million or $0.24 per share in the prior-year quarter.

Net sales for the quarter, including product recall benefit of $751, grew to $58.65 million from $46.67 million in the same quarter last year.

Excluding the recall-related charges, adjusted net sales totaled $57.90 million, compared to $46.69 million last year.

Analysts polled by Thomson Reuters expected the company to earn $0.29 per share on revenue of $57.12 million for the quarter. Analysts' estimates typically exclude special items.

Looking ahead for fiscal 2014, the company now expects to achieve the lower end of adjusted diluted EPS guidance range of $0.97 to $1.01 per share, and the upper end of its net sales growth guidance range of 18 to 20 percent.

Street is currently looking for full-year 2014 earnings of $0.98 per share on annual revenues of $204.40 million.

Annie's also announced on Tuesday an agreement to acquire its primary cookie and cracker manufacturing plant, Safeway's Joplin Plant, positioning its snacks business for long-term growth.