Snyder's-Lance (LNCE) Tops Q2 EPS by 2c; Bumps Low End of FY EPS Outlook
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Snyder's-Lance (NASDAQ: LNCE) reported Q2 EPS of $0.28, $0.02 better than the analyst estimate of $0.26. Revenue for the quarter came in at $609.5 million versus the consensus estimate of $616.52 million.
Snyder's-Lance sees Q3 2016 EPS of $0.28-$0.31, versus the consensus of $0.33.
Snyder's-Lance sees FY2016 EPS of $1.22-$1.30, versus prior guidance of $1.20-$1.30 and the consensus of $1.26. Snyder's-Lance sees FY2016 revenue of $2.29-2.33 billion, versus the consensus of $2.31 billion.
"In the second quarter we continued to focus on our margin expansion initiatives, the integration of Diamond Foods, and improving performance in our legacy Snyder's-Lance branded business. I'm pleased to report that we've made good progress across all three fronts," said Carl E. Lee, Jr., President and Chief Executive Officer. "We increased operating margin by expanding gross margin and reducing SG&A expenses. The gross margin performance was driven by manufacturing efficiencies, as well as improved capacity utilization and procurement savings. Our legacy branded net revenue increased year over year as trends in Snyder's of Hanover® improved, and Lance®, Snack Factory® and Cape Cod® all outperformed their respective categories. The integration of Diamond Foods is progressing as planned with key milestones achieved in the quarter, and we are on track to deliver the expected cost synergies over time as well as revenue synergies as a result of this strategic combination."
Mr. Lee continued, "Our second quarter results have led us to narrow our full-year EPS and adjusted EBITDA guidance ranges, raising the lower-end of our expectations. We have momentum as we move into the back-half of the year, and I'm confident that we will continue to execute our strategies as a leading provider of premium and differentiated snacks. We are fortunate to have a hard working and dedicated team, and we have the right strategic plan in place to drive sustainable growth and shareholder value."
For earnings history and earnings-related data on Snyder's-Lance (LNCE) click here.
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