US snacks firm Snyder’s-Lance raised its full-year outlook after it booked an increase in first-quarter net profits on the back of growing branded sales.
For the three months to the end of March, net income amounted to US$14.2m, up from a net profit of $10.8m in the prior-year period. The result included post-tax one-time gains of $2.8m.
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Operating income in the period climbed 29.2% to reach $26.1m.
Net sales in the period grew 1.1% to reach $393m, driven primarily by increased revenues from the firm’s branded products, which increased 6.2%.
“We were pleased with our results for the first quarter of 2012. Earnings were in line with our expectations, and we continued to show solid momentum in net sales growth,” said David Singer, CEO. “This growth was driven by our core brands (Snyder’s of Hanover pretzels, Lance sandwich crackers and Cape Cod kettle chips), each of which delivered double digit growth in sales in the first quarter.”
The company forecast a “slight better” than previously estimated full-year net revenue of “flat to 2% down” on 2011, and no change in EPS, which is expected to increase between 30% and 45%.
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