Lancaster Colony Q3 Profit From Cont. Ops. Decreases - Quick Facts

(RTTNews) - Lancaster Colony Corporation (LANC) reported that its third-quarter income from continuing operations decreased to $18.90 million or $0.69 per share, from $20.73 million or $0.76 per share, last year. Net loss was $10.38 million or $0.38 per share, compared to profit of $21.83 million or $0.80 per share, prior year.

On average, four analysts polled by Thomson Reuters expected the company to report profit per share of $0.84 for the quarter. Analysts' estimates typically exclude special items.

Net sales decreased two percent to $242 million from $247 million. The company said its sales decreased due to lower sales of frozen retail products, in part due to the influence of this year's later Easter. Also impacting net sales was somewhat lower pricing to the foodservice channel and the effect of adverse winter weather on consumer demand, the company said. Analysts expected revenue of $250.33 million for the quarter.

John Gerlach, Jr., CEO of the company, said: "For the quarter, the benefit from lower net material costs was more than offset by the impact of lower net sales and a less-favorable sales mix as the segment's operating income declined seven percent. Additionally, as influenced by the adverse weather conditions, we also experienced incremental costs associated with freight and operational downtime."