US salty snacks manufacturer Snyder’s-Lance has posted a drop in profits in its third quarter.
The company’s net income was US$8.8m for the three months ending 1 October, down from $10.2m in the same period in 2010. For the nine months net income was $16m, a drop from 21.9m last year.
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Net revenue for the third quarter was $422m, an increase of 77% from the corresponding three month period last year, while revenue for the nine months nearly doubled from $694m to $1.2bn.
During the quarter, Snyder’s-Lance acquired George Greer, a Massachusetts-based snack distributor serving the East Coast.
“Growth was primarily driven by solid performance in Snyder’s of Hanover pretzels, Lance sandwich crackers and Cape Cod kettle chips,” said David Singer, Snyder’s-Lance chief executive. “Our third-quarter profit margin was negatively impacted by several factors, including higher commodity costs. Our merger integration efforts are on track to be completed by mid-year 2012.”
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