NEWS: Snack food maker Snyder's-Lance said Thursday that its third-quarter net income climbed 29 percent, helped by higher sales of its core branded products.
Its adjusted profit beat analysts' expectations, but revenue fell short.
The company — which makes Cape Cod chips, Snyder's of Hanover pretzels, Archway and Stella D'oro cookies and other items — also lowered its full-year revenue forecast and narrowed its adjusted profit outlook.
DETAILS: Snyder's-Lance declared a quarterly dividend of 16 cents per share. The dividend is payable on Nov. 29 to shareholders of record on Nov. 19.
NUMBERS: For the period ended Sept. 28, the company earned $22.9 million, or 33 cents per share. That compares with $17.8 million, or 26 cents per share, in the 2012 third quarter.
Taking out a gain on an asset sale related to the consolidation of Canadian manufacturing plants, earnings were 32 cents per share.
Revenue rose 11 percent to $453 million from $406.6 million, as sales of core branded products increased 20 percent.
Analysts polled by FactSet expected earnings of 31 cents per share on revenue of $460.5 million.
FUTURE: Snyder's-Lance Inc. now foresees full-year adjusted earnings rising 25 percent to 30 percent and revenue increasing 9 percent to 10 percent. Its prior guidance was for adjusted earnings to climb 22 percent to 32 percent and revenue to be up 10 percent to 12 percent.
Based on 95 cents in adjusted earnings per share for 2012, that implies guidance of about $1.19 to $1.24 per share. The company reported $1.62 billion in revenue for 2012, while suggests revenue guidance of $1.76 billion to $1.78 billion. Wall Street was forecasting earnings of $1.20 per share, on revenue of $1.62 billion.
STOCK: The shares closed at $29.76 on Wednesday. Year to date, the stock is up 23 percent.
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