Earnings Review and Free Research Report: Snyder’s-Lance’s Q2 Results Provided a Positive Surprise

Research Desk Line-up: Nomad Foods Post Earnings Coverage

LONDON, UK / ACCESSWIRE / August 30, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Snyder’s-Lance, Inc. (NASDAQ: LNCE), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=LNCE, following the Company’s release of its financial results on August 08, 2017, for the second quarter fiscal 2017 (Q2 FY17). The Charlotte, North Carolina-based Company’s total net revenue from continuing operations grew 3.3% y-o-y, topping market consensus estimates. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member’s account at:

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Get more of our free earnings reports coverage from other constituents of the Processed & Packaged Goods industry. Pro-TD has currently selected Nomad Foods Limited (NYSE: NOMD) for due-diligence and potential coverage as the Company reported on August 24, 2017, its financial results for Q2 2017 which ended on June 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on Nomad Foods when we publish it.

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Earnings Reviewed

For the three months ended on July 01, 2017, Snyder’s-Lance reported total net revenue from continuing operations of $579.60 million, which came in above the $561.29 million recorded at the end of Q2 FY16. Total net revenue numbers for the reported quarter beat market expectations of $566.90 million. The Company branded net revenue increased 4.9% y-o-y in Q2 FY17 as Allied Brands’ revenues grew 6.6% y-o-y and Core Brands’ revenues were up by 4.7% y-o-y.

The snack maker’s net income from continuing operations stood at $4.31 million, or $0.04 per diluted share, in Q2 FY17 compared to $20.46 million, or $0.21 per diluted share, in Q2 FY16. Excluding special items, the Company’s net income attributable to Snyder’s-Lance from continuing operations came in at $26.84 million, or $0.27 per diluted share, for Q2 FY17; rising from $26.66 million, or $0.28 per diluted share, reported in the prior year’s same period. Meanwhile, Wall Street had expected the Company to report net income, excluding special items of $0.26 per diluted share.

Operating Metrics

Gross profit from continuing operations stood at $210.29 million, or 36.3% of total net revenues, for Q2 FY17 compared to $211.56 million, or 37.7% of total net revenues, in the previous year’s corresponding period. Furthermore, the Company’s gross profit from continuing operations, excluding special items, was $216.65 million, or 37.4% of total net revenue, for Q2 FY17 compared to $209.45 million, or 37.3% of total net revenue, in Q2 FY16.

In Q2 FY17, Snyder’s-Lance spent $179.24 million as selling, general, and administrative (SG&A) expenses compared to $160.12 million in Q2 FY16. The Company posted operating income from continuing operations of $22.45 million, or 3.9% of total net revenues, in Q2 FY17 versus $41.92 million, or 7.5% of total net revenues, in last year’s same period. Meanwhile, the Company’s operating income from continuing operations, excluding special items, improved to $52.25 million, or 9.0% of total net revenues, in Q2 FY17, from $50.19 million, or 8.9% of total net revenues, in Q2 FY16.

Snyder’s-Lance’s adjusted EBITDA from continuing operations was $76.79 million, or 13.2% of total net revenues, for Q2 FY17 versus $75.72 million, or 13.5% of net revenue, in last year comparable quarter.

Revenue by Product Category

During Q2 FY17, Branded segment’s net revenues came in at $463.86 million, up from $442.36 million in the year ago same period. The segment’s Core Brands revenues were $420.53 million in Q2 FY17 versus $401.69 million in Q2 FY16. Furthermore, Allied Brands’ revenues for Q2 FY17 came in at $43.34 million compared to $40.70 million in the year ago corresponding period.

Partner Brand’s net revenues fell to $75.40 million during Q2 FY17 from $78.96 million in Q2 FY16. Meanwhile, other revenues grew marginally to $40.33 million in Q2 FY17 from $39.97 million in the prior year’s same quarter.

Cash Flow & Balance Sheet

In six months ended on July 01, 2017, Snyder’s-Lance generated $87.03 million as net cash from operating activities compared to $81.94 million in the year ago same period. The Company had cash and cash equivalents balance of $18.43 million as on July 01, 2017, compared to $35.41 million at the close of books on December 31, 2016. Furthermore, the Company ended the quarter with net long-term debt of $1.08 billion compared to $1.25 billion as on December 31, 2016.

Dividend

In a separate press release on August 04, 2017, Snyder’s-Lance’s Board of Directors declared a regular cash dividend of $0.16 per share, payable on August 30, 2017, to shareholders of record at the close of business August 22, 2017.

Outlook

In its outlook for full year FY17, Snyder’s-Lance’s managements raised net revenue forecasts to be between $2.20 billion and $2.25 billion. Adjusted EBITDA for full year FY17 is now anticipated to be in the range of $300 million to $325 million. Furthermore, diluted EPS, excluding special items, is projected to be between $1.10 and $1.20.

Stock Performance

On Tuesday, August 29, 2017, the stock closed the trading session at $35.95, marginally down 0.03% from its previous closing price of $35.96. A total volume of 351.61 thousand shares have exchanged hands. Snyder’s-Lance’s stock price advanced 3.33% in the last one month and 0.45% in the previous twelve months. The stock is trading at a PE ratio of 55.14 and has a dividend yield of 1.78%. The stock currently has a market cap of $3.53 billion.

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