Snyder's-Lance, Inc. Reports First Quarter 2017 Financial Results
Source Snyder's-Lance, Inc.
- Total net revenue from continuing operations increased 18.7%, including the contribution of Diamond Foods
- Snyder's-Lance legacy net revenue increased 3.3%
- GAAP earnings per share of $0.11
- Earnings per share excluding special items* of $0.13
- Company reaffirms recently revised full-year 2017 outlook
*Descriptions of measures excluding special items are provided in "Use and Definition of Non-GAAP Measures", and reconciliations are provided in the tables at the end of this release.
CHARLOTTE, N.C., May 08, 2017 (GLOBE NEWSWIRE) -- Snyder's-Lance, Inc. (Nasdaq:LNCE) today reported financial results for the first quarter ended April 1, 2017 and reaffirmed its recently revised 2017 full-year outlook. Total net revenue from continuing operations in the first quarter of 2017 increased 18.7% compared to the first quarter of 2016, including the contribution of Diamond Foods. Snyder's-Lance legacy net revenue increased 3.3% in the first quarter of 2017 compared to the first quarter of 2016. GAAP net income attributable to Snyder's-Lance in the first quarter of 2017 was $11.2 million, or $0.11per diluted share, as compared to a loss of $22.9 million from continuing operations, or $0.29 per diluted share, in the first quarter of 2016. Net income attributable to Snyder's-Lance, excluding special items, for the first quarter of 2017 was $13.2 million, as compared to $20.8 million from continuing operations, excluding special items, in the first quarter of 2016. Earnings per diluted share, excluding special items, was $0.13 in the first quarter of 2017 compared to earnings per diluted share from continuing operations, excluding special items, of $0.26 in the first quarter of 2016.
"As we noted in the announcement of our preliminary first quarter results, our Company faced difficult challenges during the quarter that impacted our financial results," said Brian J. Driscoll, Interim Chief Executive Officer of Snyder's-Lance. "We are moving aggressively to take action. Our organization has already begun to coalesce around a set of priorities and actions designed to unlock substantial profitability across the Company while sharply expanding our gross margins, over time. We expect these actions to significantly improve our financial performance and deliver long-term sustainable value for our shareholders."
