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Green
Mountain shares surge on cups of Keurig
Boston Business Journal
Shares of Green Mountain Coffee Roasters Inc. (Nasdaq: GMCR) surged 15 percent Thursday morning after the company said sales at its Reading-based Keurig single-cup brewing business surged 89 percent in the fiscal first quarter.
The Vermont-based company’s stock rose 15 percent to $32.96 after backing a financial forecast that’s better than what some analysts expected.
“With sales growth driven by the strong sales of Keurig Single-Cup brewers and K-Cup portion packs during the holiday season, we are off to a very strong start for fiscal year 2011,” Green Mountain CEO Lawrence J. Blanford said in the earnings release.
Green Mountain’s overall net sales in the fiscal first quarter rose 67 percent to $575 million compared to the year-ago period. The company’s stock has been volatile in recent months because of an investigation into its accounting practices by the Securities and Exchange Commission. In the quarter, the company said it spent $6 million on legal and accounting-related expenses related to the SEC inquiry.
About 91 percent of consolidated net sales in the first quarter were from the Keurig brewing system and its recurring K-Cup portion pack revenue.
Net sales from K-Cup portion packs totaled $332.9 million in the quarter, up 89 percent, or $156.7 million, over the same period in 2010.
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