Snyder's-Lance, Inc. Reports Third Quarter 2017 Financial Results
Source Snyder's-Lance, Inc.
- Total net revenue from continuing operations increased 3.7%; core branded growth of 4.9%
- GAAP net loss per share of $0.60 from continuing operations including non-recurring, non-cash expense of $0.87 per share
- EPS from continuing operations excluding special items* increased 10% to $0.33
- GAAP net loss from continuing operations of $57.7 million including non-recurring, non-cash expense of $84.9 million
- Net income from continuing operations excluding special items* increased 10% to $32.7 million
- Adjusted EBITDA* increased 14% to $85.2 million
- Company updates full-year 2017 outlook
CHARLOTTE, N.C., Nov. 07, 2017 (GLOBE NEWSWIRE) -- Snyder's-Lance, Inc. (Nasdaq-GS:LNCE) today reported financial results for the third quarter ended September 30, 2017 and updated its full-year 2017 outlook. Total net revenue from continuing operations in the third quarter of 2017 increased 3.7% compared to the third quarter of 2016 with core branded growth of 4.9% year over year. The GAAP net loss attributable to Snyder's-Lance from continuing operations in the third quarter of 2017 was $57.7 million, or $0.60 per diluted share, as compared to net income of $25.7 million, or $0.26 per diluted share, in the third quarter of 2016. GAAP results include a non-recurring, non-cash impairment charge of $84.9 million after-tax related to the impairment of certain brand trademarks and goodwill associated with the Diamond Foods acquisition. Net income attributable to Snyder's-Lance from continuing operations, excluding special items, for the third quarter of 2017 was $32.7 million, as compared to $29.6 million, in the third quarter of 2016. Earnings per diluted share from continuing operations, excluding special items, were $0.33 in the third quarter of 2017, compared to $0.30 in the third quarter of 2016.
"Our third quarter financial performance continued to improve along several dimensions. Gross margin performance was strong at 37.1% of net revenue compared to 36.8% in 2016. Selling, general and administrative performance also improved to 26.3% of net revenue compared to 28.0% last year. On top of these improving profitability trends, our branded net revenue growth continues to outpace the category, and we are on track to deliver our full-year targets," said Brian J. Driscoll, President and Chief Executive Officer of Snyder's-Lance. "Looking ahead to 2018, our organization is beginning to make progress in our performance transformation plan as indicated by these results. While we have much work to do, we firmly believe that we have the opportunity to unlock substantial profitability improvements over time, and will unlock the considerable potential of our branded portfolio to drive improved total shareholder return."
