Snyder's-Lance (LNCE) Tops Q3 EPS by 5c; Bumps Low End of FY16 EPS Outlook
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Snyder's-Lance (NASDAQ: LNCE) reported Q3 EPS of $0.35, $0.05 better than the analyst estimate of $0.30. Revenue for the quarter came in at $588.8 million versus the consensus estimate of $611.98 million.
Snyder's-Lance sees FY2016 EPS of $1.24-$1.30, versus prior guidance of $1.22-$1.30 and the consensus of $1.26. Snyder's-Lance sees FY2016 revenue of $2.29-2.31 million.
“Growth of our core brands accelerated during the third quarter, and when combined with our cost savings initiatives, operating margin improved 210 basis points reaching 9.1% for the quarter,” said Carl E. Lee, Jr., President and Chief Executive Officer. “Our Legacy Snyder’s-Lance brands delivered 2.6% year over year growth, driven by core brand growth of 3.7% led by Snack Factory®, Cape Cod® and Lance®. Despite incremental investments in advertising and consumer promotions, productivity and sales growth delivered the margin expansion we expected. The integration of Diamond Foods is on target with cost and revenue synergies being achieved on schedule. Our early revenue synergies include wins in the club, drug and small format channels, as retailers expand their distribution of our premium brands.”
Mr. Lee continued, “We have assembled a portfolio of brands on trend with the growing consumer demand for organic, gluten free, non-GMO certified, and reduced fat. Our ‘Better-For-You’ brands now represent over 33% of our sales and will continue to grow with innovation and focus on better ingredients and great taste. We remain focused on driving growth of our core brands, delivering synergy targets and maximizing the benefits of the strategic combination with Diamond that has positioned us as a leading provider of premium and differentiated snacks centered on nutrition, quality and variety. Our full-year performance is tracking in line with our expected ranges, and we continue to anticipate strong sales in the fourth quarter primarily due to the seasonal nature of Diamond of California® culinary nuts and other holiday product offerings. I want to thank all of our associates for their early integration success, solid growth on core brands and new distribution gains.”
For earnings history and earnings-related data on Snyder's-Lance (LNCE) click here.
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