US-based snack company Snyder's-Lance has reported that its net earnings increased by 54.4% to $59.09m for the full-year 2012, compared to $38.26m in 2011.
For the year ended 29 December 2012, the company posted 1.2% decrease in net sales to $1.62bn, compared to $1.64bn in fiscal 2011.
Snyder's-Lance reported 65.3% decrease in net income to $7.78m for the fourth quarter of 2012 , compared to $22.43m for the same period in 2011.
For the quarter, the company posted 1.86% increase in net sales to $419.83m, compared to $412.13m in fiscal 2011.
Snyder's-Lance chief executive officer David Singer said that during 2012 the company has seen more than 35% in earnings, excluding special items, and rise in sales by 2.2% when the impact of its IBO conversion is excluded.
"We completed our merger integration, while we also rolled out and began to implement our strategic plan. In line with this plan, we delivered strong growth in our core branded items of Snyder's of Hanover, Lance and Cape Cod, and we acquired Snack Factory and the fast growing Pretzel Crisps brand," Singer added.
For the fiscal 2013, the company expects its net revenue and earnings per diluted share to increase by 10% - 12% and 22% - 32%, respectively.
