(Green Mountain earnings report updated with details of improved profit guidance and secondary offering.)
WATERBURY, Vt. (TheStreet) -- Green Mountain Coffee Roasters (GMCR) shares surged Wednesday after the company raised its full-year outlook and beats quarterly profit expectations.
After the closing bell Tuesday Green Mountain said growing margins, despite soaring coffee bean costs, led it to raise its outlook.
The leader in the single-serve coffee market through the success of its Keurig brewing system, earned $65.4 million, or 48 cents per share on an adjusted basis, in its fiscal second quarter, up nearly 300% from a year-earlier profit of $24.1 million, or 17 cents per share. Revenue more than doubled to $647.7 million. Analysts had called for Green Mountain to earn 38 cents a share on revenue of $629.4 million. The stock surged 18.6% to close at $75.98 Wednesday afternoon. Green Mountain now expects to earn between $1.43 and $1.50 per share this fiscal year, higher than analysts' call for $1.23 per share and above the company's prior guidance for a profit of $1.19 to $1.29 per share.
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