- Q3 earnings up 29%
- C-store sales slide
- Tweaks profit guidance
Lance, the US snack maker, today (30 October) booked a 29% jump in third-quarter earnings as it put in a "mixed" sales performance.
Earnings increased to US$8.8m, or $0.27 per share, compared with third quarter 2008 net income of $6.8m, or $0.21 per share.
The bakery and snacks group said that sales increased 4% to $234.9m, with gains equally driven by volumes and pricing.
However, CEO and president David Singer said sales were "mixed".
"While we saw continued growth in some of our key product categories, rapid acceleration in the sale of Archway products and solid growth from new product introductions, we faced declines in our sales to convenience store, food-service and small up-and-down-the-street customers, which together make up over one-quarter of our branded sales," he warned.
Looking to the full year, the group adjusted its earnings guidance to a range of $1.15 to $1.20, down from previous guidance of $1.15 to $1.25 per share.
Lance also tightened its sales outlook from a range of $910-$930m to $915-$925m.
Click here for the full press release, or check back later for just-food's post conference call insight.
Sectors: Bakery, Retail, Snacks
Companies: Lance
View next/previous articles
30 Oct 2009 -
30 Oct 2009 -
Currently reading -
US: Lance books earnings gains despite “mixed” sales
30 Oct 2009 -
Related research
After recovering from a slight dip that came at the peak of the low-carb diet fad in 2004, the cracker category has registered slow but steady increases in dollar sales. These sales gains, however, have come mostly as a result of price increases....
The global outlook series on Snack Foods provides a collection of statistical anecdotes, market briefs, and concise summaries of research findings....
The global outlook series on Baked Goods provides a collection of statistical anecdotes, market briefs, and concise summaries of research findings....
Related articles
US: Kettle Foods receives "second round of bids"
Potential bidders for crisp maker Kettle Foods have reportedly tabled second bids for the US-based business.
There are currently no comments on this article
Be the first to comment on this article