Lance, Inc. (LNCE: Quote) Friday lowered its guidance for the full year and said it expects earnings per share to be in a range of $0.75 to $0.90, excluding special items, while Street view is for earnings of $0.95 per share. The primary driver for the decline in guidance is lower profit margins for the company's private brand products, resulting primarily from a lag in pricing realization compared to the cost of commodities.
The company's previous guidance estimated full year earnings per share to be in the range of $0.85 to $1.00, excluding special items.
The company also currently estimates that earnings per share for second quarter to be in the range of $0.15 to $0.17, excluding special items.
On average, nine analysts polled by Thomson Reuters expected the company to report a profit of $0.27 per share. Analysts' estimates typically exclude special items.
Additionally, the company expects to record a charge for the second quarter 2011 totaling approximately $15 million after taxes, including non-cash expenses related to the impairment of transportation equipment and severance expenses.
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by RTT Staff Writer
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