US: Lance ups 2009 earnings forecast
By: just-food.com | 24 July 2009
US snack maker Lance has upped its earnings target for 2009 after booking "record" second-quarter sales.
The company said today (24 July) that it now sees its diluted earnings per share reaching between $1.15 and $1.25 for the full year.
The forecast came after Lance reported net revenues of US$236.4m - a rise of 11% - for the three months to 27 June.
Higher prices and better volumes buoyed he sales figures, while Lance's branded sales grew by 5% during the quarter.
Lance achieved second-quarter net income of US$9.5m, or $0.30 per diluted share, compared with US$2.7m, or $0.09 per diluted share a year earlier.
President and CEO David Singer said: "These results were once again driven by a balanced performance across our operations and continued growth in both our branded and non-branded portfolios."
First-half net income reached US$15.98m, against US$3.4m a year ago. Net revenue stood at US$452.2m, compared to US$411.6m a year earlier.
Companies: Lance
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