| Green Mountain Coffee Brewers |
Green Mountain Coffee Roasters ( NASDAQ:GMCR ), stock of the company jumped 19% in after hour trade after company has announced 2 key developments regarding quarterly earnings and guidance and shares offering.
1) Company has raised FY 2011 guidance and issued Q3 guidance inline with analyst's expectations:
(Reuters) Green Mountain Coffee Roasters, Inc. revised guidance for fiscal 2011 and expects total consolidated net sales growth of 82% to 87%, up from previous guidance range of 75% to 80%. The Company increased its fiscal 2011 non-GAAP earnings per diluted share (EPS) range to $1.43 to $1.50 per diluted share from $1.19 to $1.29 per share, excluding any acquisition-related transaction expenses; legal and accounting expenses related to the SEC inquiry, the Company's internal investigation and pending litigation; amortization of identifiable intangibles related to the Company's acquisitions; deferred financing costs; and, foreign exchange impact of hedging the risk associated with the Canadian dollar purchase price of the Van Houtte acquisition. For the third quarter of 2011, it expects total consolidated net sales growth of 90% to 95%, non-GAAP earnings per share (EPS) to be in the range of $0.34-$0.38 per diluted share excluding any acquisition-related transaction expenses; legal and accounting expenses related to the SEC inquiry, the Company's internal investigation and pending litigation; deferred financing costs; and, amortization of identifiable intangibles related to the Company's acquisitions. The Company reported revenue of $1.356 billion in fiscal 2010. According to Reuters Estimates, analysts are expecting the Company to report revenue of $2.45 billion for fiscal 2011; revenue of $587 million and EPS of $0.32 for third quarter of 2011.
2) Company has announced common stock offering:
( Reuters) Green Mountain Coffee Roasters, Inc. announced that it plans to offer an aggregate of 7,100,000 shares of its common stock in an underwritten public offering. Certain stockholders also plan to offer an aggregate of 403,883 shares of common stock in the offering. The Company also plans to grant the underwriters a 30 day option to purchase up to 1,125,582 additional shares of common stock to cover overallotments, if any. BofA Merrill Lynch is serving as sole book-running manager of the offering. The Company intends to use the net proceeds from the offering to repay outstanding debt under its credit facility and for general corporate purposes.
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