US speciality food firm Lancaster Colony has announced a fall in second-quarter profit, despite rising sales.
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The Columbus-based organisation recorded operating income of US$23.5m for the three months to 31 Deceember – compared to US$31.3m a year earlier. Net sales rose 5% to US$306m.
John Gerlach, chairman and CEO, said: “We again had solid consolidated top-line growth with both our specialty foods and automotive segments achieving strong sales increases. Operating income benefited from the higher sales, but was adversely affected by higher food ingredient costs as well as two charges.”
Lancaster Colony’s charges over the period included a US$5.7m loss after the sale of glassware operations.
Speciality foods sales increased 12% in the quarter to US$215m, reflecting stronger retail and foodservice sales.
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By GlobalData
