Snyder's-Lance income climbs 31% in quarter
CHARLOTTE, N.C. — During the first quarter income for Snyder’s-Lance, Inc. increased 31%, driven in part by strong sales of branded products.
For the quarter ended March 31, the company had income of $14,213,000, equal to 21c per share on the common stock, which compared with income of $10,849,000, or 16c per share, during the same quarter of the previous year. Revenue for the quarter was $392,843,000, up 1% from $388,471,000 during the same quarter of the previous year.
“We were pleased with our results for the first quarter of 2012,” said David V. Singer, chief executive officer. “Earnings were in line with our expectations, and we continued to show solid momentum in net sales growth. Our team continues to do an exceptional job of executing on the complex challenges of the merger integration while delivering solid top-line performance. I’m very pleased with our progress.
“Branded products net revenues grew by 6.2% excluding the reduction in net sales associated with converting from a company-owned to an I.B.O. route system. 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.”