Snyder’s-Lance, Inc. Reports Fourth Quarter And Full-Year 2017 Results
Source Snyder's-Lance, Inc.
CHARLOTTE, N.C., Feb. 28, 2018 (GLOBE NEWSWIRE) -- Snyder’s-Lance, Inc. reported financial results for the fourth quarter and full-year ended December 30, 2017.
Recent Merger Announcement
On December 18, 2017, Snyder’s-Lance and Campbell Soup Company announced a definitive merger agreement under which Campbell Soup Company will acquire Snyder’s-Lance for $50 per share in an all-cash transaction valued at approximately $6.0 billion, including Snyder’s-Lance’s net debt. As such, the Company will not be providing its outlook for fiscal 2018 or longer-term targets and will not be holding a conference call to discuss the Company’s financial results for the fourth quarter and fiscal year ended December 30, 2017. Completion of the transaction is subject to approval by the Company’s shareholders and other customary closing conditions. The parties expect to close the transaction late in the first quarter of 2018.
Fourth Quarter 2017 Highlights
- Total net revenue from continuing operations decreased 0.8%; core branded growth of 1.1%
- GAAP earnings per share of $1.92 from continuing operations
- EPS from continuing operations excluding special items* increased 22.2% to $0.33
- GAAP net income from continuing operations of $188.8 million
- Net income from continuing operations excluding special items* increased 23.8% to $32.7 million
- Adjusted EBITDA* increased 1.8% to $78.5 million
Full-Year 2017 Highlights
- Total net revenue from continuing operations increased 5.6%; core branded growth of 9.1%
- GAAP net income per share of $1.50 from continuing operations
- EPS from continuing operations excluding special items* decreased 2.7% to $1.08
- GAAP net income from continuing operations of $146.6 million
- Net income from continuing operations excluding special items* increased 1.9% to $105.5 million
- Adjusted EBITDA* increased 3.2% to $293.3 million
