Diamond Foods, Inc. (DMND) reported a net loss for the third quarter of $15.6 million or $0.71 per share, compared to a net loss of $44.0 million or $2.02 per share for the year-ago quarter.
Excluding items, adjusted net income for the third quarter was $0.05 per share, compared to an adjusted net loss of $4.9 million or $0.22 per share in the prior year quarter.
Net sales for the third quarter fell 11% to $184.91 million from $207.69 million a year ago.
Analysts polled by Thomson Reuters expected the company to report a loss of $0.17 per share on revenue of $175.78 million for the third quarter. Analysts' estimates typically exclude special items.
Looking forward, the company said it expects fourth quarter sales to decline more than in the third quarter, driven mainly by the Nuts Segment.
Separately, Diamond Foods said it has appointed Raymond Silcock as Executive Vice President and Chief Financial Officer, effective June 11. He replaces Michael Murphy, who has served as Interim Chief Financial Officer since February 8, 2012. Silcock was most recently Chief Financial Officer of the Great Atlantic & Pacific Tea Co.
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