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


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Source: York Daily Record (PA)

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