US: Snyder's-Lance Q3 profits climb, ups FY forecast
- Net profit reaches US$17.8m
- EBIT at $31.2m
- Net sales slide 3.6%
Snyder's-Lances said it expects EPS to increase between 30% to 35%
US snacks firm Snyder's-Lance has booked an increase in third-quarter profit and upped its full-year earnings forecast, despite sliding sales.
Earnings in the three months ended 29 September reached US$17.8m from $8.8m last year. EBIT climbed to $31.2m versus $18.4m in 2011.
Sales, however, fell 3.6% to $407m. Snyder's said its decision to discontinue non-branded sales to "certain customers who did not accept price increases" reduced revenue.
For the full year, the company said it expects sales to be "flat to about 2% down" compared to 2011 and EPS to increase between 30% to 35%.
Snack maker Snyder's-Lance is expanding its line-up of peanut butter filled sandwich crackers this month....
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