Green Mountain Coffee Roasters Inc. (GMCR) reported net income for the first quarter of $12.49 million or $0.27 per share, compared to $14.38 million or $0.37 per share in the year-ago quarter.
Excluding the favorable impact of the patent settlement in 2009, the first quarter GAAP and non-GAAP fully net income per share of $0.27 represents a 163% increase over non-GAAP earnings per share of $0.10 per share in fiscal 2009.
Net sales for the quarter increased 77% to $349.4 million from $197.0 million in the prior-year quarter.
On average, analysts polled by Thomson Reuters expected the company to earn $0.16 per share, on revenues of $329.63 million for the quarter. Analysts estimates typically exclude special items.
Looking ahead, the company raised its expectations for fiscal 2010 EPS to a range of $1.95 to $2.05 per share from prior estimates of $1.85 to $1.95 per share, excluding any one-time acquisition-related transaction.
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