The company cited a combination of tighter cost controls and higher sales at its specialty business as chief reasons for the better-than-expected results.
For the second quarter ended June 28, net income rose to $3.4 million, or 26 cents per share, from $3 million, or 21 cents per share, one year ago. Revenue rose 5% to $73.6 million.
Analysts were expecting the company to earn 22 cents per share on revenue of $74.3 million, and though the company didn't quite hit revenue estimates, the growth in revenue is an important indicator of its financial well being.
The blowout quarter is great news for owners of PEET shares.
I rate PEET an A, or strong buy.
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