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February 12, 2015

Snyder’s-Lance earnings rise in “transformative” year

US snack group Snyder's-Lance ended what it termed a "transformative" year with sales and earnings ahead of the prior 12 months.

US snack group Snyder’s-Lance ended what it termed a “transformative” year with sales and earnings ahead of the prior 12 months.

In a regulatory filing today (12 February), the company said net earnings rose to US$192.59m in the 12 months to 3 January, up from $78.7m in the year-ago period. The bottom line was boosted by lower interest expense and income from discontinued operations. Operating earnings edged up, rising to $104.8m from $102.3m. Sales in the period totalled $1.62bn versus $1.5bn last year.

President and CEO Carl Lee Jr. said: “We are pleased with our performance for… the past year, delivering solid financial growth as we executed a strategic shift in our business and operations.  This past year was transformative for our company and we consider it a new day for Snyder’s-Lance,” he said.

During the year, Snyder’s-Lance sold its private-label business, acquired baked snacks firm Baptista’s Bakery, took a majority stake in Late July Organic Snacks and formed Clearview Foods, a new division dedicated to emerging trends.

Looking to 2015, Synder’s-Lance forecast sales of $1.68-1.72bn and EPS of $1.09-1.19.

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