Snyder's-Lance Lifts FY16 Profit View As Q3 Profit Tops Estimates - Quick Facts

(RTTNews) - Snack food manufacturer Snyder's-Lance, Inc. (LNCE) Monday said it narrowed its full-year 2016 earnings per share outlook to the upper-end of the Company's previous expectations after the company reported higher third quarter profit, above estimates.

The company now expects fiscal 2016 earnings per share in the range of $1.24 to $1.30, compared to previously expected $1.22 to $1.30 range.

On average, eight analysts polled by Thomson Reuters expect earnings of $1.26 per share for the year. Analysts' estimates typically exclude special items.

The company noted that the implied fourth quarter guidance range reflects the historically strong seasonal contribution of the Diamond of California culinary nut business. The outlook excludes special items and charges associated with the acquisition of Diamond Foods.

For the year, the company expects net revenue of $2.29 billion to $2.31 billion. Excluding the contribution from Diamond Foods, net revenue growth is expected to be approximately flat to up 1.5%. Analysts expect revenues of $2.3 billion.

Adjusted EBITDA, a key earnings metric, for the year is expected to be $310 million to $320 million.

In its third-quarter, attributable net income increased to $29.3 million or $0.30 per share from $15.7 million or $0.22 per share last year. Adjusted net income was $33.7 million, as compared to $18.6 million in 2015. Adjusted earnings per share were $0.35, compared to $0.26 a year ago.

Snyder's-Lance's total net revenue in the third quarter of 2016 increased 41.3% including the contribution of Diamond Foods to $588.80 million from $416.77 million. Total Net Revenue, Excluding Diamond Foods was $419.87 million.

Analysts expected earnings of $0.30 per share on revenues of $611.98 million.