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Snyders-Lance Chief Spells Out Transformation Strategy As Q2 Profits Fall

CHARLOTTE, NC -- Snyder's-Lance Inc. chief executive Brian Driscoll said he's not satisfied with the company's financial performance upon release of its second-quarter results and outlined a plan to increase profitability by 2020. The Charlotte, NC, snack-maker said profits fell 79%, to $4.3 million, or 4¢ per diluted share, from $20.5 million, or 21¢ per diluted share, a year earlier. Revenues was $579.6 million, up 3% in the second quarter, compared with $561.3 million a year ago. "We have not delivere...

August 14, 2017 | Nick Montano

CHARLOTTE, NC -- Snyder's-Lance Inc. chief executive Brian Driscoll said he's not satisfied with the company's financial performance upon release of its second-quarter results and outlined a plan to increase profitability by 2020.

The Charlotte, NC, snack-maker said profits fell 79%, to $4.3 million, or 4¢ per diluted share, from $20.5 million, or 21¢ per diluted share, a year earlier.

Revenues was $579.6 million, up 3% in the second quarter, compared with $561.3 million a year ago.

"We have not delivered on expectations for profitability and value creation," Driscoll said in a press release. "To address this shortfall, we have designed a comprehensive transformation program we believe will unlock operating profit improvement of approximately $175 million over the next three-plus years."

Click here to see Snyder's-Lance's condensed consolidated statements of income and full press release.

Earlier this month, Snyder's-Lance said it was planning to close a plant and cut 250 jobs from its global workforce as the first step. | SEE STORY