Lancaster Colony Q3 Profit Declines, Revenue Rises - Quick Facts

(RTTNews) - Lancaster Colony Corp. (LANC), a maker of specialty food products, Tuesday reported that its net income for the third quarter declined to $22.43 million or $0.81 per share from $30.60 million or $1.11 per share in the year-ago period.

The company noted that in addition to a higher tax rate, a Foodservice inventory write-down and bonuses paid to front-line employees decreased net income for the quarter by $3.4 million and $0.8 million respectively.

Consolidated net sales for the quarter increased 1.1 percent to $321.36 million from $317.88 million in the year-ago period.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $1.08 per share for the quarter on revenues of $319.55 million. Analysts' estimates typically exclude special items.

Looking ahead, CEO David Ciesinski said, "While the influences of COVID-19 will persist into our fiscal fourth quarter and beyond, our financial position remains strong. The fact that our Foodservice segment includes successful quick-serve restaurant and pizza chains is also a positive in the current environment."