NEW YORK (AP) -- Krispy Kreme is climbing in premarket trading Thursday after lifting its 2015 earnings forecast and boosting the number of company shares it can buy back.
The doughnut chain said after the closing bell Wednesday that it now anticipates fiscal 2015 adjusted earnings between 73 and 79 cents per share. Its prior outlook was for 71 cents to 76 cents per share. Analysts had been projecting earnings of 76 cents per share, according to FactSet.
Krispy Kreme also ramped up authorization to buy back more shares, from $50 million, to $80 million.
Given the outlook and buyback, investors looked past a weak fourth quarter and shares jumped 12 percent before the opening bell Thursday.
For the period ended Feb. 2, Krispy Kreme reported adjusted earnings of 12 cents per share on revenue of $112.7 million. Wall Street was looking for earnings of 13 cents per share on revenue of $118.8 million.
The chain posted a full-year adjusted profit of 61 cents per share on revenue of $460.3 million.
Janney Capital Markets, citing the share buyback, raised its per-share earnings expectations to 75 cents, a difference of 4 cents.
Analyst Mark Kalinowski stuck by his "buy" rating on the stock.
Shares of Krispy Kreme Doughnuts Inc. added $2.38 to $22.26 before the market open. If those gains hold, it will be a new high for the year.
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