Diamond Foods Doubles Profit

NEW YORK (TheStreet) -- Is Diamond Foods(DMND Quote) a diamond in the rough?

The maker of a variety of nut products and Pop Secret popcorn saw its fourth-quarter profit more than double, and its also upped its 2010 guidance. In response, shares in the company, which rose more than 3% during today's regular trading session, were swinging rather wildly in the after-market.

During the quarter, the company earned $4.2 million, or 25 cents a share, compared with $2.6 million, or 16 cents, in the year-ago period. Analysts expected a profit of 18 cents.

Sales were up slightly to $113.8 million from $113.1 million.

Snack sales drove gains, up more than 100% to $54.7 million from $27.2 million. Diamond Foods still saw some weakness in its culinary, ingredient and food service and international segments.

Looking ahead, the company expects to earn $1.70 to $1.80 a share in fiscal 2010, up from a prior forecast in the range of $1.55 to $1.70.

-- Reported by Jeanine Poggi in New York

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