Shares in Select Harvests raced up to a more than three-year high this morning on the back of a profit upgrade.
The almond grower estimates that its full-year crop will come in at 11,800 tonnes and that the average almond price will be $6.38 a kilogram.
Both figures are ahead of the company’s earlier guidance of 11,000 tonnes at a price of $6.30 a kilogram, and its 2012-13 result compares very favourably to the previous year when it harvested 5,830 tonnes at $5.03 a kilogram.
Based on the new estimates, its full year earnings before interest and tax (EBIT) and underlying net profit are expected to come in around $33 million and $22 million, respectively.
Select Harvests turned in an EBIT loss of $2.5 million and an underlying net profit of $9.5 million in 2011-12.
The stock, which is part of the Uncapped 100, jumped 5.8% to $3.81 in morning trade.