News Column

Second-quarter net income for Snyder's-Lance falls on special items

August 7, 2014

By Gary Haber York, York Daily Record, Pa.



Aug. 07--Snyder's-Lance Inc's. net income fell in the second quarter after factoring in restructuring charges and other one-time items.

The Charlotte, N.C.-based maker of Snyder's of Hanover pretzels and Snack Factory pretzel crisps posted net income of $11.7 million, or 16 cents a share, for the three months ending June 28. That was down from net income of $13 million, or 19 cents a share, in second quarter 2013.

On an adjusted basis, excluding special items including $6.1 million in restructuring and impairment charges, the company had net income of $20.6 million, or 29 cents a share, which was up from adjusted earnings of $16.9 million, or 24 cents a share, in the year-ago quarter. The adjusted earnings matched the expectations of analysts who forecast the company would earn 29 cents a share on an adjusted basis.

Net revenue rose 4.8 percent in the quarter, to $460 million. The company Company cited strong sales of its Cape Cod popcorn, Snyder's of Hanover Sweet and Salty pretzel pieces and Snack Factory pretzel crisps.

Snyder's-Lance said it expects to post full-year 2014 earnings of between $1.10 and $1.18 a share.

Snyder's to reduce employee workforce

Snyder's-Lance sells private-label business, acquires Baptista's Bakery

Snyder's-Lance revenue increases by 4.4 percent in Q1

___

(c)2014 York Daily Record (York, Pa.)

Visit York Daily Record (York, Pa.) at www.ydr.com

Distributed by MCT Information Services


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: York Daily Record (PA)


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters