Snyder's-Lance Q2 Profit Per Share Declines, Narrows Outlook For FY16

(RTTNews) - Snyder's-Lance Inc. (LNCE) Tuesday announced an increase in second quarter net income attributable to the company to $19.68 million from $17.33 million in the prior year. Earnings per share declined to $0.20 from $0.24 last year. Excluding special items, earnings were $27.5 million or $0.28 per share.

On average, 7 analysts polled by Thomson Reuters expected the company to earn $0.26 per share. Analysts estimates usually exclude special items.

Net revenue for the quarter increased to $609.5 million from $431.43 million in the prior year. Including the contribution of Diamond Foods, revenues were up 41.3 percent from the previous year. The company said it is on track to deliver the expected cost synergies over time as well as revenue synergies as a result of the strategic combination with Diamond Foods. Wall Street was looking for $616.52 million.

For the full year 2016, the company narrowed its earnings per share range to $1.22 to $1.30 from its previouse expectation of $1.20 to $1.30. The outlook excludes special items and charges associated with the acquisition of Diamond Foods, and includes an estimated negative impact of $0.10 to $0.12 per share, from purchase accounting adjustments. Wall Street expects $1.26 per share on revenue of $2.31 billion.

Revenue for the full year is expected to be up 39 to 41 percent in a range of $2.290 to $2.330 billion.

For the third quarter, the company expects earnings per share, excluding special items, to be in the range of $0.28 to $0.31. Adjusted EBITDA is projected to be $313 to $325 million, while its previous expectation was in a range of $310 to $325 million. Analysts expects $0.33 per share on revenue of $617.57 million.