Green Mountain Coffee Roasters Inc. (Nasdaq: GMCR) shares advanced 16.2% to $102.39 after the brewing machine seller projected 2012 profits that exceeded estimates. Volume for the stock surpassed 8.5 million shares, compared to a daily average of 2.5 million.
After the close of Wednesday’s trading, the company put out a news release stating that net sales for the third quarter of fiscal 2011 increased 127% to $717.2 million as compared to $316.6 million for the third quarter of fiscal 2010.
Under Generally Accepted Accounting Principles (GAAP), net income for the third quarter of fiscal 2011 totaled $56.3 million, or $0.37 per diluted share, representing an increase of 206% as compared to GAAP net income of $18.4 million, or $0.13 per diluted share, for the third quarter of fiscal 2010.
The company’s CEO, Lawrence Blanford stated in the same release, “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.”
Blanford concluded, “It is particularly rewarding to think that with our growth, the resources we’re able to allocate to socially and environmentally focused initiatives grows as well, amplifying the positive change GMCR and its employees.”
Based in Waterbury, Vermont, Green Mountain Coffee Roasters, Inc. is recognized for its award-winning coffees, innovative brewing technology, and socially responsible business practices