Lancaster Colony Swings To Profit In Q3
(RTTNews) - Food company Lancaster Colony Corp. (LANC) on Thursday reported net income for the third quarter of $24.56 million or $0.85 per share, compared to a net loss of $4.48 million or $0.17 per share in the year-ago quarter.
Net sales for the quarter rose 15.2 percent to a record $464.94 million from $403.50 million for the same quarter last year.
On average, three analysts polled by Thomson Reuters expected the company to report earnings of $0.93 per share on revenues of $443.07 million for the quarter. Analysts' estimates typically exclude special items.
Looking ahead, the company said consolidated net sales will compare to last year's fourth quarter that benefited from an estimated $25 million in incremental net sales attributed to advance customer orders ahead of our July 1 ERP go-live date for Wave 1.
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