CHARLOTTE, N.C. (AP) ¿ Snack foods maker Lance Inc. said Friday that its profit rose in the third quarter, helped by higher net selling prices and an acquisition.
But the company lowered its full-year earnings guidance and narrowed its sales forecast, citing current operating conditions.
Lance's products are sold under its namesake as well as Cape Cod, Tom's, Archway and Stella D'oro brand names along with a number of private label and third party brands.
Profit grew 29 percent to $8.8 million, or 27 cents per share, compared with $6.8 million, or 21 cents per share, a year earlier. For the period ended Sept. 26, sales climbed 4 percent to $234.9 million from $225.6 million.Lance said increased net selling prices contributed 2 percent to sales growth, with the rest from increased volume that was helped by its $30 million Archway Cookies LLC acquisition in December 2008. The results missed the forecast of analysts polled by Thomson Reuters, who predicted a profit of 37 cents per share on revenue of $242.1 million. Analysts' estimates usually exclude one-time items.