Here’s Why Coffee Stocks Are Tweaking Higher Now
Quick answer: Specialty coffee maker Green Mountain Coffee Roasters (NASDAQ:GMCR) has jumped over 20% in ticker price this morning following the release of upbeat third quarter earnings results. The company booked net income of $56.3 million (37 cents per share) for the quarter v. $.36 expected. It also topped revenue estimates of $608.4 million, brining in $717.2 million in third quarter inflows.
“In addition to continued strong consumer adoption of the Keurig Single-Cup Brewing system, we believe our third quarter benefitted from our first-ever significant spring advertising and brand support programs, designed to raise awareness of the Keurig Single-Cup Brewing system and of our Brew Over Ice Teas and Coffees, perfect for the summer months,” said Lawrence J. Blanford, GMCR’s CEO.
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Coffee stocks are moving higher in sympathy:
Green Mountain Coffee Roasters (NASDAQ:GMCR) +21.44%, Dunkin’ Brands Group (NASDAQ:DNKN) +0.18%, Peet’s Coffee and Tea (NASDAQ:PEET) +1.76%, Starbucks Corp. (NASDAQ:SBUX) +3.17%, Caribou Coffee Company (NASDAQ:CBOU) +4.30%, and Coffee Holding Co. (NASDAQ:JVA) +22.58%.