Diamond Foods lifts fiscal 2Q profit forecast

Snack food maker Diamond Foods Inc. raised its fiscal second-quarter profit forecast Tuesday on expectations for continued earnings growth.

In a filing with the Securities and Exchange Commission, the San Francisco-based company said it now expects quarterly earnings between 29 cents and 34 cents per share. Its prior guidance was for net income in a range of 24 cents to 29 cents per share.

Analysts predict second-quarter profit of 27 cents per share. Analysts' estimates typically exclude one-time items.

Diamond Foods, which makes and sells nuts and other snacks under the Emerald and Diamond brands, also boosted its full-year forecast to a range of $1.25 to $1.32 per share. Its previous outlook was for profit between $1.20 and $1.27 per share.

Analysts expect full-year earnings of $1.28 per share.

In August Diamond Foods said it was buying the Pop Secret popcorn business from food maker General Mills Inc. in a cash deal the companies valued at $190 million.