US food manufacturer Lancaster Colony has recorded an increase in first-quarter profits on the back of higher prices and lower input costs within its speciality food unit.
In the three months to the end of September, net income climbed 25.3% to US$26.7m, the company reported yesterday (25 October). Operating profit amounted to $40.6m, a 25% increase on the prior year period.
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Sales were up 6% to $291m from last year. Turnover was boosted by revenues from the firm’s speciality foods division, which recorded an increase of 5% to $249m. This reflected increases in both retail and foodservice sales.
Looking toward the second quarter, chairman and CEO John Gerlach said the company is “mindful that the general economic uncertainties facing both customers and consumers may challenge volumes”.
