Lancaster Colony has seen sales and earnings accelerate in the second quarter of its financial year, reversing the negative trends seen in the first quarter.
The company net income rose 11% in the three months to the end of December, climbing to US$39.2m from $35.2m last year. Net sales were up more than 3% to $336m in the period, driven by food sales. Speciality food revenues rose 7%, with growth in both retail and foodservice channels.
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The group had booked a drop in first-quarter sales and earnings, which were hit by the promotional environment. The improved second-quarter performance brought first-half net sales to $621m, compared to $617m last year. Six-month net income was $64m, up from $61.9m last year.
Lancaster Colony also announced the sale of its candle business to private-equity firm Centre Lane Partners for US$28m.
Chairman and CEO John Gerlach Jr said the disposal was “consistent with our long-term objective to concentrate our future effort and investment in the food sector”.
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