Lancaster Colony today (30 April) posted higher income for the first nine-months of the year, on the back of higher sales and improved specialty food margins.
Net income rose to US$60.7m over the first three quarters of the year, up from $40.2m for the comparable period of last year.
Nine-month sales increased to $798m, compared to $744m last year.
Commenting on the results, John Gerlach, Jr., chairman and CEO, said: “We were pleased with the specialty foods improvement from the unusually low operating margins of a year ago. Although the unit costs of certain key commodities remained above long-term levels, we welcomed the year-over-year improvement from last year’s historically high levels. In addition to higher specialty foods volumes and previous pricing actions, our third quarter profitability also benefitted from operational improvements.”