Snyder's-Lance Slips To Loss, Adj. EPS Tops View; Sees FY16 Results Below Market

(RTTNews) - Snyder's-Lance, Inc. (LNCE) reported Tuesday that its first-quarter net loss attributable to the company was $25.4 million, or $0.32 per share, compared to net income of $10.6 million, or $0.15 per share last year.

The latest results included special expenses of $45.3 million primarily associated with the acquisition of Diamond Foods, compared to expenses of $1.3 million last year.

Adjusted net income was $19.91 million, or $0.25 per share, compared to $11.96 million, or $0.17 per share last year.

On average, eight analysts polled by Thomson Reuters expected the company to earn $0.23 per share. Analysts' estimates typically exclude special items.

The company said revenue for the quarter rose 15% to $462.76 million from $402.34 million last year. Analysts expected revenues of $470.33 million.

The first quarter financial results included one month of the consolidation of Diamond Foods Inc. Net revenue declined 0.7% excluding Diamond Foods acquisition with volume growth of 1.2% offset by planned promotional activities.

Further, the company updated 2016 full year outlook to reflect the acquisition of Diamond Foods. The Company now expects earnings per share to be in the range of $1.20 to $1.30.

Net revenue is expected to be between $2.29 billion and $2.33 billion, an increase of approximately 39% to 41%. Excluding the contribution from Diamond Foods net revenue growth is expected to be approximately flat to up 2%.

Analysts expect annual earnings of $1.37 per share on revenues of $2.41 billion.