US snack food maker Lance has reported a 15% rise in quarterly profit, helped by stronger sales of non-branded foods and better cost controls.
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The company said net income rose to US$7.8m, or 27 cents a share, for the second quarter, compared to $6.8m, or 23 cents a share, a year earlier.
Analysts polled by Thomson First Call had been expecting earnings of 8 cents a share, on average. In April, Lance forecast second-quarter earnings of between 7 cents and 10 cents a share, reported Dow Jones Business News.
The company’s second-quarter sales increased to $143.6m, from $141.4m a year earlier.
Lance raised its guidance for the full year to between 28 and 33 cents a share, compared to an April forecast of 15 to 25 cents a share. In January, the company had forecast full-year earnings of between 65 cents and 70 cents a share.
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