Smart Balance Climbs After Beating Analyst Estimates
Smart Balance climbed 90 cents, or 13 percent, to $7.80 at 4:29 p.m., the steepest gain since March 19. The Paramus, New Jersey-based company's shares have fallen 29 percent this year.
The company forecasts a 30 percent increase in sales for 2008 as it increases the average number of products in stores to 18 from 12. The Smart Balance and Earth Balance brands and products were acquired for $417 million on May 21, 2007, by Boulder Specialty Brands, which then changed its name.
Revenue was $50.8 million in the three months ended March 31, more than the $49.8 million average estimate of three analysts surveyed by Bloomberg.
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