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.
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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%.
