Diamond Foods boosts Synder’s-Lance Q3 2016 performance

US snack maker Snyder's-Lance has reported an increase in its Q3 2016 net revenue of more than 41%, attributing it to the recent acquisition of Diamond Foods.

Its Q3 net revenue increased by $172 million for the quarter, compared to last year. 

"We made solid progress by building our brand, expanding retail and online distribution and increasing margins,” said president and CEO of Snyder’s-Lance, Carl Lee. “Therefore, we are pleased to report sales growth, operating income and balance sheet improvements that were in line with our internal forecast.”

Further results showed that Snyder’s-Lance total net revenue increased 41.3%, including the contribution of Diamond Foods.

The company said the improvements were the result of manufacturing efficiencies and procurement savings, as well as early synergies from the Diamond Foods transaction.  

All on schedule

Diamond Foods is a 104-year-old nut and snack food company that produces brands such as Kettle Chips, Kettle Brand, Diamond of California, Emerald and Pop Secret.

Lee said the integration of Diamond Foods is on target and cost and revenue synergies are being realized.

Net income for the quarter for the Charlotte-based company increased to $29.3m versus $15.7m last year. Net earnings increased 10.8% to $33.7m, the company added. 

Pantry of snacks

According to its website, the company is the second largest salty snack manufacturer in the US. Its snack pantry includes pretzels, sandwich crackers, potato chips, cookies, tortilla chips, restaurant-style crackers and nuts. 

“As consumers continue to expect more from their snacks, we’re ready to deliver the nutrition, quality and innovation they expect,” said Lee. “We’re well positioned to support the better-for-you trends we see in our industry.”