Central Garden tops Street 3Q forecasts

WALNUT CREEK, Calif. (AP) _ Central Garden & Pet Co. (CENT) on Tuesday reported fiscal third-quarter net income of $26 million.

On a per-share basis, the Walnut Creek, California-based company said it had profit of 51 cents. Earnings, adjusted for non-recurring gains, were 48 cents per share.

The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 43 cents per share.

The maker of products for the pet supply and lawn and garden markets posted revenue of $514.5 million in the period, also topping Street forecasts. Three analysts surveyed by Zacks expected $490.9 million.

Central Garden shares have climbed 77 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $23.92, more than doubling in the last 12 months.

– Associated Press, August 2, 2016

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