CHARLOTTE, N.C. (AP) — Snack food maker Snyder's-Lance said Tuesday that its first-quarter net income rose 39 percent, bolstered by some price hikes and strength in its core brands.
For the period ended March 30, Snyder's-Lance Inc. earned $19.8 million, or 28 cents per share, up from $14.2 million, or 21 cents per share, a year earlier.
Analysts expected earnings of 25 cents per share, according to a FactSet poll.
Revenue increased 7 percent to $418.6 million from $392.8 million, with sales up for core brands including Snyder's of Hanover pretzels and Lance sandwich crackers.
Wall Street forecast higher revenue of $431.8 million.
Snyder's-Lance still expects 2013 adjusted earnings will rise 22 percent to 32 percent and revenue will climb 10 percent to 12 percent. This implies adjusted earnings of $1.16 to $1.26 per share and revenue of about $1.78 billion to $1.82 billion.
Analysts predict earnings of $1.21 per share on revenue of $1.79 billion.
The Charlotte, N.C., company also declared a quarterly dividend of 16 cents per share. The dividend will be paid on May 30 to shareholders of record on May 22.