Lancaster Colony Corp

NASDAQ:LANCUnited States

May 2, 2024

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• Lancaster Colony's Shares Rise After Fiscal Q3 Earnings, Sales Increase, from 10:19AM ET on Thursday May 02, 2024 by MT Newswires

  10:19AM ET on Thursday May 02, 2024 by MT Newswires
  Companies Mentioned: LANC
  10:19 AM EDT, 05/02/2024 (MT Newswires) -- Lancaster Colony (LANC) shares gained more than 1% in recent Thursday trading after reporting higher fiscal Q3 results. The company posted fiscal Q3 earnings of $1.03 per diluted share, up from $0.89 a yea...

• -- Earnings Flash (LANC) LANCASTER COLONY CORPORATION Reports Q3 Revenue $471.4M, vs. Street Est of $468.2M, from 7:32AM ET on Thursday May 02, 2024 by MT Newswires

  7:32AM ET on Thursday May 02, 2024 by MT Newswires
  Companies Mentioned: LANC
  07:32 AM EDT, 05/02/2024 (MT Newswires) -- ...

• -- Earnings Flash (LANC) LANCASTER COLONY CORPORATION Posts Q3 EPS $1.03, vs. Street Est of $1.40, from 7:32AM ET on Thursday May 02, 2024 by MT Newswires

  7:32AM ET on Thursday May 02, 2024 by MT Newswires
  Companies Mentioned: LANC
  07:32 AM EDT, 05/02/2024 (MT Newswires) -- ...

• Lancaster Colony Reports Third Quarter Sales and Earnings, from 7:30AM ET on Thursday May 02, 2024 by Business Wire

  7:30AM ET on Thursday May 02, 2024 by Business Wire
  Companies Mentioned: LANC

  Lancaster Colony Corporation (Nasdaq: LANC) today reported results for the company's fiscal third quarter ended March 31, 2024.

  Summary

  Consolidated net sales increased 1.4% to a third quarter record $471.4 million versus $464.9 million last year. Retail net sales improved 0.3% to $248.1 million while Foodservice net sales grew 2.6% to $223.4 million. Consolidated gross profit increased $10.3 million, or 10.9%, to $104.5 million driven by favorability in our pricing net of commodity costs, or PNOC, our ongoing cost savings initiatives, and volume growth. Consolidated gross profit was unfavorably impacted by a $2.6 million inventory write-down resulting from the decision to exit our perimeter-of-the-store bakery product lines, specifically our Flatout(R) and Angelic Bakehouse(R) brands, which were not significant contributors to our overall financial results. Consolidated operating income increased $5.7 million to $35.1 million due to solid growth in the underlying performance of the business partially offset by the impacts of our decision to exit our perimeter-of-the-store bakery product lines which resulted in costs totaling $14.7 million. The exit costs include $12.1 million in restructuring and impairment charges and the $2.6 million inventory write-down. Of the $12.1 million in restructuring and impairment charges, noncash impairment charges for fixed assets and intangible assets accounted for $10.7 million. Net income was $1.03 per diluted share versus $0.89 per diluted share last year. The exit costs reduced current-year net income by $0.41 per diluted share.