US snack food company Lance has reported a rise in third-quarterly earnings, helped by strong sales of private label products.
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The company posted net income of US$7.9m, or 27 cents per share, for the third quarter to 25 September, compared to $7.6m, or 26 cents per share, for the same period of the previous year.
Net sales and other operating revenue rose to $154.9m from $145.1m a year earlier. Non-branded revenue increased $9.1m, or 18%, on strength in private label product sales and sales to other manufacturers. Branded product revenue increased $0.7m, or 1%, as declines in cakes, meat snacks, sugar confectionery and restaurant style crackers offset growth in sandwich crackers and cookies.
“This was another positive quarter for us,” said Paul A. Stroup III, chairman, president and chief executive officer. “I am pleased with our effective plan execution, especially the continued progress in realigning our route sales system and maintaining the excellent momentum in private label sales. We expect a solid finish to 2004 and are encouraged as we look toward 2005.”
The company raised its full year 2004 earnings estimate to a range of $0.82 to $0.84 per share, from a previous estimate of $0.75 to $0.80 per share.
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By GlobalData
