Lancaster Colony Corp. has reported results for its third fiscal quarter ended March 31, 2011. Net sales were $834 million, compared to $809 million in the previous year’s quarter. Net income was $77.1 million; net income for the nine months a year ago totaled $92.2 million.
Glassware and Candles sales increased 4% to $35.2 million on higher candle sales. Increased material costs led to segment operating income declining to $0.7 million from $1.7 million in the third quarter last year.
“We were pleased with the growth of foodservice sales, which led to record third quarter Specialty Foods sales,” said John B. Gerlach, Jr., chairman and CEO. “However, our third quarter comparisons were difficult due to the strength of the prior-year quarter, this year’s later Easter, a less favorable sales mix, higher commodity and freight costs, and lower production levels within our frozen roll operations. While our key retail products generally maintained solid market positions and we saw good placement of recently introduced retail food products, we also experienced somewhat weaker than hoped retail food volumes.”
For additional details, visit www.lancastercolony.com