Snyder's-Lance Q4 Profit More Than Doubles; Guides 2014 - Quick Facts

(RTTNews) - Snyder's-Lance Inc. (LNCE) said that its fourth-quarter of 2013 net income attributable to the company significantly increased to $23.00 million from $7.78 million, with earnings per share improving to $0.33 from the prior year's $0.11. Fourth quarter 2013 net income was negatively impacted by the higher than normal effective tax rate.

Fourth quarter 2013 net income was $22.2 million, excluding special items, which was 8.8% above the $20.4 million of net income, excluding special items, for the prior year. Excluding special items, net income per share for the latest-quarter was $0.31, up from $0.29 last year.

Fourth quarter 2013 net revenue was $451 million, an increase of 7.4% compared to prior year fourth quarter net revenue of $420 million, primarily led by sales of our core brands which grew organically by 6.8%.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.36 per share and revenues of $457.77 million for the fourth-quarter. Analysts' estimates typically exclude special items.

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 March 5, 2014 to stockholders of record at the close of business on February 26, 2014.

The Company estimates that its net revenue for the full year 2014 will be up 3% to 5% organically when compared to 2013. Earnings per diluted share are expected to increase between 10% and 16% compared to 2013 earnings per share, excluding special items. Capital expenditures for 2014 are projected to be between $70 and $75 million as investments are made in plant improvements, quality, capacity and innovation.

Street currently is looking for fiscal year 2014 earnings of $1.39 per share on annual revenues of $1.85 billion.