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.
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