Amira Nature Foods Jumps Following 1Q Report
NEW YORK (AP) — Shares of Indian specialty rice maker Amira Nature Foods climbed Tuesday after the company posted strong net income and sales in the first quarter of the fiscal year.
Amira said its net income more than doubled on greater sales volumes and higher prices in India and other markets. Its net income totaled $7.3 million, or 21 cents per share. Revenue grew 38 percent to $110.3 million.
Analysts were expecting net income of 10 cents per share on $98.8 million in revenue, according to FactSet.
Amira Nature Foods Ltd. reported its quarterly results after the market closed Monday. Its shares advanced 86 cents, or 10.8 percent, to $8.85 in afternoon trading.
The company maintained its revenue forecast, which calls for $480 million to $507 million in sales in the fiscal year ending March 31. Analysts expect $498.8 million in revenue on average.