Lancaster Colony Q2 Profit Rises, But Sees Challenging Q3 Comparison

(RTTNews) - Specialty foods company Lancaster Colony Corp. (LANC) reported second-quarter net income of $39.23 million or $1.44 per share, up from $35.28 million or $1.28 per share in the year-ago period.

On average, five analysts polled by Thomson Reuters expected the company to report earnings per share of $1.22 for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter rose 3 percent to $335.55 million from $326.16 million in the prior-year period. Analysts had a consensus revenue estimate of $326.43 million for the quarter.

John Gerlach, Chairman and CEO of Lancaster Colony said, "Although optimistic about our overall prospects for this period, we do anticipate a somewhat challenging third quarter comparison, which will reflect some noticeable shifting of sales volumes to our fiscal fourth quarter as a result of this year's later Easter. Based on current market conditions, we also expect to see continued benefit from modestly favorable net commodity costs over the balance of fiscal 2014."