No Change to Outlook After Snyder's-Lance Reports Earnings Consistent With Recently Lowered Guidance
We do not plan to significantly alter our $32 per share valuation for no-moat Snyder’s-Lance after it posted first-quarter results consistent with its mid-April guidance. The firm posted 19% sales growth (1%-2% pro forma expansion) alongside a 5% adjusted operating margin (versus 8% in 2016’s first quarter). Snyder’s-Lance reaffirmed its 2017 guidance, calling for $2.20 billion-$2.25 billion of sales, $290 million-$315 million of adjusted EBITDA, and $1.05-$1.20 of adjusted EPS (versus our $2.20...
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