SunOpta gets boost from reconfirmed ʼ08 guidance
SunOpta Inc.ʼs (Nasdaq: STKL) stock rose 16.4% this morning, boosted by the companyʼs reconfirmation before the bell this morning of its 2008 guidance of more than $1 billion in revenue and earnings in the range of $0.25 and $0.30 per share.
For the three months ended June 30, earnings for the quarter were $719,000, or $0.01 per share, as compared to 2007 second quarter earnings of $3.4 million, or $0.05 per share in the prior year period.
Analysts on average had expected earnings per share of $0.06.
The Brampton, Ontario-based organic food product manufacturer said it reached its highest ever quarterly revenue of $266 million during the same period.
The quarterʼs results included professional and related fees and severance costs of $6.4 million related to the company's investigation into the write-down in the SunOpta Fruit Group Berry operations and the resulting delay in filing its 10-K report for 2007.
Excluding the costs, SunOpta says it would have reported 49% higher earnings of $5 million for the quarter.
SunOpta is up $0.88 trading at $6 in afternoon trading, from Fridayʼs close. Shares have traded as low as $4.56 and as high as $15.50 in the past 52 weeks.
For detailed price information and news stories on SunOpta, click STKL.
