Green Mountain Coffee Roasters Inc. (NASDAQ: GMCR) was halted ahead of its earnings report. The quite controversial coffee giant has reported earnings of $0.46 EPS on $869.2 million in revenues for its fiscal third quarter, although adjusted earnings were $0.52 EPS. Thomson Reuters had estimates pegged at $0.50 EPS on about $873.3 million in revenue. The company also announced that it was adding Norman H. Wesley, Former CEO and Chairman of Fortune Brands, to its board of directors as a Class II Director.
Now the company is projecting for the fourth quarter to have sales of $889.9 million to $925.5 million and for earnings to come in around $0.45 to $0.52 per share. Thomson Reuters is at $0.62 EPS and $952.2 million in sales. While everyone was expecting bad things to come through, that guidance is really soft.
Green Mountain was most recently considered a mega-growth stock story, but that was before a monstrous rise was followed by a deadly drop in the share price. Now the company has said that it will repurchase up to $500 million in stock.
On a longer-term basis the company sees earnings at $2.55 to $2.65 EPS against estimates of $2.97 EPS.
Green Mountain shares closed down 1.9% at $17.91 against a 52-week range of $17.11 to $115.98. Shares have just reopened down and are down more than 11% after the close.
JON C. OGG