Peet's Coffee & Tea Inc. (PEET) reported third quarter 2011 earnings per share of 28 cents, which surpassed the Zacks Consensus Estimate by a penny. The results were in line with the prior-year period earnings. Including the anticipated settlement and legal costs of a class action lawsuit of $2.2 million after tax, reported earnings came in at 11 cents per share in the third-quarter of 2011 versus 28 cents.
The company affirms its 2011 earnings will be at the higher end of the previous guidance range of $1.43 to $1.50. In addition, Peet’s expects its 2011 reported earnings to be at the higher end of the $1.27 to $1.34 range, including litigation-related expenses of 16 cents per share.
Further, Peet’s anticipates its 2012 earnings to be in the range of $1.70 to $1.80.
I guess they don't like the litigation expense!!! PEET is down 3.88 to 57.55 this morning.
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