Charlotte snack maker reports sales slump as Campbell Soup takeover nears

In what is likely its last earnings report as a standalone company, the Charlotte snack maker Snyder’s-Lance reported a slump in fourth quarter sales. The company also provided some details about its major upcoming takeover by Campbell Soup.

In December, Snyder’s-Lance announced that it is selling itself to Campbell for $4.87 billion. The transaction is expected to close late in the first quarter, the company said in its earnings report Wednesday morning. That’s slightly earlier than the second-quarter closing Snyder’s originally expected.

The local snack maker said sales for the quarter totaled $551.6 million, down 0.8 percent from the same period a year prior. Operating profit for the quarter was $46 million, up 3.8 percent from a year ago.

Snyder’s-Lance shares closed Wednesday at $49.88, up 0.04 percent.

Campbell Soup has said buying Snyder’s-Lance will help transform itself into a more snack-focused company.

Based in New Jersey, Campbell already makes a number of well-known snacks, including Goldfish crackers and Milano cookies. The merger is also intended to speed up its access to fast-growing sources of distribution, such as convenience stores.

Snyder’s-Lance is the product of the 2010 merger of Pennsylvania-based Snyder’s of Hanover and Charlotte-based Lance.

Known for making popular snacks such as Snyder’s of Hanover pretzels and Lance peanut butter sandwich crackers, Snyder’s has, in recent years, been working to boost its portfolio of “better-for-you” snacks as consumer preferences shift.

This story was originally published February 28, 2018 at 8:57 AM with the headline "Charlotte snack maker reports sales slump as Campbell Soup takeover nears."