Green Mountain Coffee Roasters Inc. (GMCR:US), maker of Keurig brewers and single-serve pods, said profit this fiscal year will be less than it previously forecast as K-Cup sales growth slows.
Profit excluding some items will be as much as $2.26 a share, the Waterbury, Vermont-based company said today in a statement. That’s less than a previous estimate of as much as $2.50. Analysts estimated $2.39 a share, on average.
Green Mountain is seeing more competition as grocery stores such as Safeway Inc. (SWY:US) and Kroger Co. (KR:US) make private-label capsules to fit into Keurig machines. Chief Executive Officer Lawrence Blanford has introduced the Vue coffee machine, which makes espresso-based drinks, to help combat emerging rivals when the main patents for its K-Cups expire in September.
Third-quarter net income (GMCR:US) advanced 30 percent to $73.3 million, or 46 cents a share, from $56.3 million, or 37 cents, a year earlier, the company said. Excluding certain items, profit was 52 cents a share. Analysts projected 50 cents, the average of 10 estimates compiled by Bloomberg.
The shares fell 1.9 percent to $17.91 at the close in New York before being halted. Green Mountain declined (GMCR:US) 60 percent this year through the close of regular trading today.
To contact the reporter on this story: Leslie Patton in Chicago at email@example.com
To contact the editor responsible for this story: Robin Ajello at firstname.lastname@example.org