Snack maker Snyder’s-Lance Inc. saw its stock price rise by more than 11 percent on Tuesday after the company reported second quarter earnings that beat Wall Street expectations.
The Charlotte-based company reported net income of $4.3 million, or 4 cents per share, down from net income of $20.5 million, or 21 cents per share, in the second quarter of 2016. Excluding one-time charges, earnings were 27 cents per share, above analyst estimates of 24 cents per share.
Revenue for the quarter totaled $579.6 million, which beat analyst estimates of $565.9 million for the quarter. Revenues rose 3.3 percent from the second quarter of 2016.
“I am pleased that we were able to deliver strong top line performance and modest profitability improvement in the second quarter, while stabilizing a very weak start to the year,” said Chief Executive Officer Brian J. Driscoll in a statement.
Snyder’s-Lance shares rose $4.15, or 11.9 percent, to $39.06 in Tuesday afternoon trading.
The company’s brands include Snyder’s of Hanover, Lance, Kettle Brand, Cape Cod, Snack Factory Pretzel Crisps, and Pop Secret.
The company said that it expects 2017 revenue to be between $2.2 billion and $2.25 billion. The current consensus analyst estimate is revenue of $2.21 billion.
It also said it expects 2017 earnings to be between $1.10 per share and $1.20 per share. The current analyst estimate is earnings of $1.10 per share.
The earnings release can be found here.