Lance's 2Q Profit Rises

July 23/ADP News North America -- Snacks producer Lance Inc. posted a second-quarter net profit excluding items of $14.4 million (11.2 million euros), a rise from $9.5 million a year ago, and narrowed its earnings guidance range for 2010.

The company earned $0.44 per diluted share, up from $0.30, thanks to cost-saving measures. Including special items, its net profit amounted to $12.3 million.

The crackers and biscuits maker forecast 2010 diluted earnings per share (EPS) of $1.15-1.25, excluding items, compared with an earlier range of $1.10-1.25, and maintained its earlier revenue outlook of between $930 million-950 million.

Lance said it will pay a quarterly dividend of $0.16 per share.

Revenue in the three months was almost steady at $235.4 million compared with $236.4 million, with branded products revenue edging up 1%.

Separately, Lance announced it has agreed to merge with pretzel maker Snyder's of Hanover Inc in an all-stock deal that will establish a company with pro forma combined net sales of $1.6 billion.

From the July 26, 2010, Prepared Foods' Daily News
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