CHARLOTTE, N.C., May 8, 2015 /PRNewswire/ -- Snyder's-Lance, Inc. (Nasdaq-GS: LNCE) today reported first quarter net revenue growth of 8% over last year, with earnings of $0.17 per diluted share excluding special items.
"We are pleased with our good start to the year with healthy top line growth and earnings that met our expectations. Our 'better for you' and premium products are working well, delivering solid sales and financial results," said Carl E. Lee, Jr., President and CEO. "With a balanced portfolio of great snacks, we have momentum that helped us to outpace our categories with an 8% overall top line growth compared to last year. This year is off to a great start and we continue to invest in advertising and retail execution to reach more consumer households and leverage our innovative new products to drive category growth. New products such as our Cape Cod® Dipping Shells, Snyder's of Hanover® Poppers and Lance® Quick Starts are gaining wide acceptance as we gain new users and expand snacking day parts. Lance® Gluten Free Sandwich Crackers, which were introduced at Natural Products Expo West with great acceptance, are an example of how our innovation is working and creating a lot of excitement with consumers. Our Clearview Foods™ division, which includes Snack Factory® Pretzel Crisps®, EatSmart™ and Late July® Organic Snacks, has received an exceptional reception from retailers and continues to grow at a healthy rate. We also saw good top line strength widely across the balance of our portfolio, led by Cape Cod® Kettle Chips which posted very strong growth again this quarter."
Mr. Lee continued, "From an earnings point of view, our results are slightly ahead of our expectations even with a higher investment in marketing and advertising for the quarter. Comparisons year over year are skewed by the difference in the tax rate for last year providing a $0.02 per diluted share advantage to last year. It's a great time to be a part of the Snyder's-Lance team, and I'm very grateful to all our associates for their leadership and passion to win."
First Quarter Financial Summary
- Net revenue for the first quarter of 2015 was $402 million, an increase of 7.9% compared to first quarter of 2014 net revenue of $373 million.
- Net income excluding special items for the first quarter of 2015 was $12.0 million, or $0.17 per diluted share, as compared to net income excluding special items of $11.9 million for first quarter of 2014, or $0.17 per diluted share.
- Including special items, net income for the first quarter of 2015 was $10.6 million, or $0.15 per diluted share, as compared to net income including special items of $10.5 million for the first quarter of 2014, or $0.15 per diluted share.
- Special items for the first quarter of 2015 included after-tax expenses of $1.3 million primarily associated severance charges and professional fees. Special items for the first quarter of 2014 included after-tax expenses of $1.4 million primarily associated with impairment charges and certain acquisition related costs.
The Company also announced the declaration of a quarterly cash dividend of $0.16 per share on the Company's common stock. The dividend is payable on May 29, 2015 to stockholders of record at the close of business on May 21, 2015.
Estimates for 2015
Management updated Company estimates for 2015, with net revenue for the full year now expected to be in the range of $1.69 to $1.72 billion, from the previous estimate of $1.68 to $1.72 billion. The earnings per diluted share estimates range has been adjusted to $1.11 to $1.19, from the previous estimate of $1.09 to $1.19. Capital expenditures for 2015 are now projected to be between $60 and $62 million, from the previous estimate of $60 to $65 million. Full report.