US snacks firm Snyder’s-Lance has booked a drop in first-half earnings on a one-off charge but reaffirmed its full-year guidance.
In the six months ended 29 June, earnings fell 2.1% to US$32.8m. Snyder’s said last year’s comparable period included a gain of $4.8m related to the sale of some businesses as part of the 2010 merge of Snyder’s and Lance.
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Operating profit was down 3.4% to $59.5m in the period but sales climbed 8.2% to $857.6m.
Despite the drop in profits, the company said it continued to benefit from its acquisition of Snack Factory Pretzel Crisps last year, which it said posted “significant” year-over-year revenue and market share gains.
The company maintained its estimates for the full year of sales to be up 10% to 12% and EPS to increase between 22% and 32%, excluding special items.
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By GlobalData
