Snyder’s-Lance saw first-quarter earnings come under pressure as the group stepped up its brand investment.
Net income fell to US$16.8m, down from $18.8m in the first quarter of last year. Excluding impairment charges and acquisition costs, net earnings totalled $18.2m.
Go deeper with GlobalData
President and CEO Carl Lee said the US snack group has raised its investment behind its brands. “We continued developing our core brands with stepped up investments to support the first quarter new products roll out by significantly increasing our spend over last year,” he said.
Sales were up 4.4% as a result.
BB&T Capital Markets analyst Brett Hundley said the result beat Wall Street expectations. “The company is innovating heavily, and supporting this activity with added MAP spend. This is indeed good to see,” he wrote in an investor note.
Shares dipped 0.68% following the announcement yesterday (8 May).
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
