(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.
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.