Green Mountain Coffee reported earnings that beat Wall Street forecasts on lower coffee costs and strong sales of its single serve K-Cups, but the stock is tumbling in late trading on weaker-than-forecast sales.
The coffee maker reported fiscal third-quarter net income of $116.4 million, up 59 percent from the $73.3 million reported a year earlier.
Excluding items, earnings came in at 82 cents per share, beating Wall Street forecasts for 77 cents per share and up from 52 cents per share a year earlier.
Revenue was a bit lighter than forecasts, however. The company posted an 11 percent rise in sales to $967.1 million from $869.2 million a year earlier, pressured by weakness in Canada. Analysts had modeled revenue of $981 million in the quarter.