Atkins parent Simply Good Foods reports earnings beat, withdraws guidance due to coronavirus-related volatility
Simply Good Goods Co. stock jumped 7.1% in Monday premarket trading after the nutritional food company reported fiscal second quarter earnings and sales that beat expectations. Net income totaled $10.7 million, or 11 cents per share, down from $12.5 million, or 15 cents per share last year. Adjusted EPS of 23 cents beat the FactSet consensus for 17 cents. Sales of $227.1 million were up from 123.8 million last year and well ahead of the $221.0 million FactSet consensus. Simply good Foods portfolio includes Atkins and Quest Nutrition. March began with "positive spikes," according to Joseph Scalzo, the company's chief executive in a statement. However, there was a "significant slowdown" in the second half of the month. Due to volatility related to the coronavirus, Simply Good Foods has withdrawn its full-year fiscal 2020 guidance. Simply Good Foods stock is down 17.4% for the past year while the S&P 500 index is down 14% for the period.
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