NEW YORK (TheStreet) -- Shares of Snyder's-Lance (LNCE) are tumbling 5.51% to $31.71 on heavy trading volume late Tuesday afternoon after the Charlotte, NC-based company posted weaker-than-expected revenue for the 2016 first quarter and provided a downbeat outlook.
Before the opening bell, the snack food company reported revenue of $462.8 million, lower than analysts' estimates of $470.3 million.
Earnings of 25 cents per diluted share exceeded analysts' expectations of 23 cents per share.
"While our top-line remains pressured by the same challenges facing the food industry, our team diligently managed costs and drove operational efficiencies to deliver strong earnings growth for our legacy business," President and CEO Carl Lee said in a statement.
For fiscal 2016, Snyder's projects earnings per share between $1.20 and $1.30 on revenue of $2.29 billion to $2.33 billion, below expectations.
Analysts are forecasting earnings of $1.37 per share on revenue of $2.41 billion.
About 1.12 million of the company's shares changed hands by late this afternoon compared to its average volume of 542,644 shares per day.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B- on the stock.
The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, good cash flow from operations, expanding profit margins and solid stock price performance.
The team believes its strengths outweigh the fact that the company has had sub par growth in net income.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: LNCE