Charlotte-based Snyder’s-Lance on Tuesday said it has increased its investment in an organic chip company, as it creates a division focused on healthier snacks.
Best known for its pretzels and crackers, Snyder’s-Lance said it boosted its equity stake in Late July Snacks, a leader in organic and nongenetically modified snacks, to 80 percent from 19 percent. Late July founder Nicole Bernard Dawes will continue to run the company from offices in Boston and San Francisco.
“We see our company growing and evolving to become the trusted leader in snacking, including better-for-you snacking options,” said Lance-Snyder’s CEO Carl Lee Jr. in a statement.
On Tuesday, Lance-Snyder’s also reported third-quarter net income excluding special items of $17 million, or 24 cents per share, compared with net income excluding special items of $16.7 million, or 24 cents per share, in the same period a year ago.
Analysts had been expecting earnings per share of 29 cents. The company’s shares fell 5.4 percent to $27.80.
When counting the after-tax gain of $123.4 million from the sale of its Private Brands business and other charges, Snyder’s-Lance posted third-quarter net income of $137.8 million, compared with $22.9 million a year ago.