Snyder's-Lance reports 22 percent growth in 2013 earnings; Weis declares dividend
North Carolina-based snack food maker Snyder's-Lance Inc. today reported fourth-quarter net income, excluding special items, of $22.2 million, or 31 cents per diluted share.
That was up from $20.4 million, or 29 cents per diluted share, in the final quarter of 2012.
The company reported full-year net income of $81.3 million, excluding special items, or $1.16 per diluted share, compared with net income of $66.1 million, or 95 cents per diluted share, in 2012.
“During this past year we grew earnings by 22 percent, excluding special items, and grew our sales by 9 percent,” said Carl E. Lee Jr., the company’s president and CEO.
Core brands grew by 5.4 percent, and Snyder’s-Lance increased its advertising and marketing by more than 20 percent from 2012.
Lee said he expects the advertising and marketing investment to grow further this year.
The company is projecting 3 to 5 percent organic revenue growth in 2014, as well as earnings per diluted share growth of 10 to 16 percent, excluding special items.
Capital expenses this year are slated to be in the range of $70 to $75 million. That would include investments in plant improvements, quality, capacity and innovation.
The company also announced a dividend of 16 cents per share. The dividend is payable on March 5 to stockholders of record at the close of business on Feb. 26.
Northumberland County-based grocery store chain Weis Markets Inc. today declared a dividend of 30 cents per share to shareholders of record as of Feb. 18, payable March 4.