Snyder’s-Lance Inc. stock fell over 8 percent Tuesday morning after the company released third-quarter earnings that missed Wall Street estimates.
The snack maker announced third-quarter earnings of 33 cents per share, down 5.7 percent from average analyst expectations of 35 cents per share.
The company reported a third-quarter loss of $57.7 million, compared to net income of $25.7 million in the same quarter of 2016.
“While we have much work to do, we firmly believe that we have the opportunity to unlock substantial profitability improvements over time and will unlock the considerable potential of our branded portfolio to drive improved total shareholder return,” stated Chief Executive Officer Brian J. Driscoll in a statement5.
Driscoll has been the CEO of Snyder’s-Lance since April 2017. He has 35 years of experience in the food industry, previously serving as the CEO of Diamond Foods, Inc. and Hostess Brands.
The Charlotte-based company expects net revenue between $2.205 billion and $2.255 billion for the full fiscal year of 2017. This projection is in line with Wall Street estimates between $2.22 billion and $2.25 billion.
Snyder’s-Lance is the second-largest salty snack maker in the United States.
The company’s brands include Snyder’s of Hanover, Lance, Kettle Brand, Cape Cod, Snack Factory Pretzel Crisps, and Pop-Secret.
Snyder’s-Lance shares are currently trading at $33.95 a share, down $3.01 or 8.14 percent.
The earnings release can be found here.