- THE MAGAZINE
Lancaster Colony Corp. has reported results for the first fiscal quarter ended September 30. Net sales reached $265 million, up 4% from first quarter sales of $254 million last year. Net income of $22.8 million decreased from the prior-year record of $28.4 million. The latest quarter’s results were affected by higher material and food-related marketing costs. In the prior year, the approximately $0.9 million cost of consolidating food manufacturing facilities was largely offset by income from the favorable resolution of previously reserved state tax matters.
The Glassware and Candles segment’s sales increased 18% from the year-ago quarter to $44.5 million, primarily reflecting higher unit volume.
“While we posted higher first quarter sales, increased material and other costs challenged our margins when comparing to record-high net income a year ago,” said John B. Gerlach, Jr., chairman and CEO.
For additional details, visit www.lancastercolony.com.