US doughnut chain Krispy Kreme Doughnuts Inc. (KKD), Thursday reported fourth-quarter net income of $4.8 million or $0.07 per share, down from $143.5 million or $2.01 per share last year.
Last year's results included an unusual credit of $139.6 million from the reversal of valuation allowances on deferred income tax assets.
Excluding special items, net income for the quarter improved to to $7.4 million or $0.11 per share from $4.0 million or $0.06 per share last year. On average, six analysts polled by Thomson Reuters expected earnings of $0.12 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the three-month period grew 15.9 percent to $118.1 million from $102.0 million last year. Analysts estimated revenues of $115.93 million for the quarter.
Looking forward to the fiscal year 2014, the company lifted its adjusted earnings guidance to a range of $0.53 to $0.57 per share, from prior estimate of $0.49 to $0.55 per share. Analysts currently expect earnings of $0.58 per share for the year.
For comments and feedback: editorial@rttnews.com