Krispy Kreme soars on sweet earnings
Costs are down, sales are up, and investors are impressed.
Shares of Krispy Kreme Doughnuts (KKD) are skyrocketing today, up 18% in midday trading, after the company announced a killer third quarter.
Krispy Kreme beat Wall Street expectations handily -- not that those expectations were all that high to begin with.
Analysts were looking for a loss of a penny a share -- and Krispy Kreme surprised with $2.4 million in profit, or 3 cents a share. The company posted a $2.4 million loss a year ago.
Revenue jumped nearly 8% to $90.2 million from $83.6 million. Analysts expected $88.9 million. Post continues after video:
Combine those increased sales with a decrease in some costs. The company said general and administrative expenses fell, as did interest expenses on debt.
Now Krispy Kreme says operating income, exclusive of impairment and lease termination costs, should be between $17 million to $20 million (the previous forecast was $13 million to $17 million). Analysts have been expecting about $16 million.
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