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Sep 30, 2023
Lancaster Colony Q1 2024 Earnings Report
Lancaster Colony reported record sales and higher profits in Q1 2024.
Key Takeaways
Lancaster Colony reported an 8.5% increase in consolidated net sales, reaching a record $461.6 million. The company's net income increased to $1.59 per diluted share, driven by strong performance in both the Retail and Foodservice segments.
Consolidated net sales increased 8.5% to a first quarter record of $461.6 million.
Retail segment net sales improved 8.5% to $242.2 million.
Foodservice segment net sales advanced 8.4% to $219.4 million.
Net income was $1.59 per diluted share, up from $1.36 per diluted share last year.
Lancaster Colony
Lancaster Colony
Lancaster Colony Revenue by Segment
Revenue by Segment
Retail Revenue
CapyFin.comFoodservice Revenue
CapyFin.com Forward Guidance
Looking ahead to the fiscal second quarter, the company anticipates continued growth in both the Retail and Foodservice segments. While input costs remain high, the company does not anticipate a significant impact from inflationary costs in the upcoming quarter versus the prior-year period.
Positive Outlook
- Retail sales will continue to benefit from our expanding licensing program, including incremental growth from the new products, flavors and sizes we introduced in fiscal 2023.
- Continued volume growth from select customers in our mix of national chain restaurant accounts.
- In the Foodservice segment, we anticipate continued volume growth from select customers in our mix of national chain restaurant accounts.
- Regarding inflation, while our input costs remain high, in total we do not anticipate a significant impact from inflationary costs in the upcoming quarter versus the prior-year period.
Challenges Ahead
- efficiencies in plant operations and our overall supply chain network;
- the reaction of customers or consumers to pricing actions we take to offset inflationary costs;
- price and product competition;
- the impact of customer store brands on our branded retail volumes;
- adequate supply of labor for our manufacturing facilities;
Revenue & Expenses
Visualization of income flow from segment revenue to net income