Lance Inc., which makes Cape Cod potato chips and other snack foods, said Friday that its profit fell 70.1 percent in the second quarter, missing Wall Street estimates. Its shares tumbled 7 percent in morning trading.
The company plans to raise prices further in the third quarter to help offset rising costs for ingredients and energy.
Net income for the three months ended June 28 was $2.7 million, or 9 cents per share, compared with $9.1 million, or 29 cents per share, for the same period last year.
Revenue rose 8.4 percent to $213.6 million from $197 million. Excluding revenue from the March 2008 acquisition of premium cookie manufacturer Brent &Sam's, net revenue for the second quarter increased 6.6 percent from last year.
Lance 2Q profit drops 70.1 percent
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