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Why Diamond Foods (DMND) Is Surging Today

NEW YORK (TheStreet) -- Diamond Foods (DMND - Get Report) is surging on Wednesday after quarterly earnings and sales came in better than expected.

By late afternoon, shares had climbed 10.1% to $32.97.

The Kettle Potato Chips owner reported sales of $220.6 million, flat year over year, in its second quarter. Snacks sales increased 10.8% to $116.8 million while sales of nuts declined 10.1% to $103.8 million.

Analysts surveyed by Thomson Reuters had forecast net sales of $216.75 million.

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Net income of 9 cents a share beat analysts' estimates by a penny.

"While we expect to face further headwinds in the Nuts segment in the second half of fiscal 2014, our team remains focused on the execution of our multi-year turnaround strategy and we are confident that we are taking the right steps to position our business for long-term sustainable growth," said CEO Brian Driscoll in a statement.

Management expects an increase in adjusted EBITDA year over year in the second half of fiscal 2014.

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TheStreet Ratings team rates DIAMOND FOODS INC as a Sell with a ratings score of D+. The team has this to say about their recommendation:

"We rate DIAMOND FOODS INC (DMND) a SELL. This is driven by multiple weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, generally high debt management risk, disappointing return on equity, poor profit margins and feeble growth in its earnings per share."

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