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Diamond Foods, Inc. (NASDAQ:DMND) reported net income above Wall Street’s expectations for the fourth quarter. Net income for Diamond Foods, Inc. rose to $8.5 million (37 cents per share) vs. $6.7 million (29 cents per share) in the same quarter a year earlier. This marks a rise of 26.8% from the year earlier quarter. Revenue rose 31.8% to $232.8 million from the year earlier quarter. DMND reported adjusted net income of 52 cents per share. By that measure, the company beat the mean estimate of 44 cents per share. It beat the average revenue estimate of $216.3 million.
“Our base Diamond business delivered record financial results this quarter, with our snack portfolio up a solid 16 percent on an organic basis,” said Michael J. Mendes, Chairman, President and CEO. “We’re particularly pleased that we could achieve such strong performance while effectively managing the Pringles integration.”
Best Buy Co. (NYSE:BBY) reported its results for the second quarter. Net income for the electronics store fell to $177 million (47 cents per share) vs. $254 million (60 cents per share) a year earlier. This is a decline of 30.3% from the year earlier quarter. Revenue remained constant at $11.35 billion. BBY fell short of the mean analyst estimate of 53 cents per share. Analysts were expecting revenue of $11.52 billion.
“I’d like to thank our employees around the world for continuing to provide a great experience for our customers,” said Brian J. Dunn, CEO of Best Buy. “While results in the second quarter and our outlook reflect continued macro challenges to overall consumer spending and lower consumer electronics industry sales, we have made good progress on our key strategic focus areas in this environment. Looking forward to the important holiday season, I believe Best Buy is well positioned to bring the benefits of our multi-channel model to our customers and shareholders.”