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Green Mountain Coffee predicts lower 1st-quarter profit
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NEW YORK - Shares of Green Mountain Coffee Roasters Inc. declined on Thursday after the specialty coffee company forecast a decline in fiscal first-quarter profit.
Green Mountain shares declined $5.75, or 7.6 percent, to $70.13.
On Wednesday, the company said profit doubled in the fiscal fourth quarter and the full year, but said first-quarter profit will decline from a year ago. The company issued first-quarter profit guidance between 11 cents and 15 cents per share, down from 37 cents a year earlier.
SunTrust Robinson Humphrey analyst William Chappell, who rates the stock "Neutral," attributed the outlook to greater-than-anticipated marketing for the holidays.
Chappell has a positive view of the holiday season, saying that the company started marketing for the holidays earlier than last year.
"We believe the 2009 holiday season looks highly promising," Chappell wrote in a note to investors.
Meanwhile, Stifel Nicolaus & Company Mark Astrachan kept a "Sell" rating on shares of Green Mountain, saying that Keurig brewer and K-Cup growth missed his expectations.
Looking ahead, he sees higher competition, especially in Los Angeles — a top market for Diedrich Coffee.
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