Lancaster Colony (LANC) Tops Q4 EPS by 9c
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Lancaster Colony (NASDAQ: LANC) reported Q4 EPS of $1.12, $0.09 better than the analyst estimate of $1.03. Revenue for the quarter came in at $284.5 million versus the consensus estimate of $291.72 million.
Fiscal 2016 Commentary
Chairman and CEO John B. Gerlach, Jr. said, "The fiscal year's record sales and earnings are certainly a great accomplishment and I thank all of our employees for their efforts and contributions put forth to achieve that end result. During the course of the year, we navigated through a period of historically high egg costs and persistent challenges in our frozen dinner roll business. We also completed the first full fiscal year with our Flatout® flatbread business. Midway through the year, we undertook an initiative to selectively rationalize some of our foodservice business to reduce operational complexity and improve efficiencies in our production of dressings and sauces. Additionally, our continued emphasis on product innovation and consumer trends led to the launch of several new products and line extensions, including Marzetti® Vineyard Dressings; Avocado Ranch and Sriracha Ranch flavored veggie dips and Simply Dressed® dressings; and a Bake & Break™ garlic bread loaf from New York BRAND® Bakery."
Fiscal 2017 Outlook
Mr. Gerlach added, "As we look towards fiscal 2017, we anticipate retail sales growth will draw from recent and upcoming new product introductions, further expansion of Marzetti® refrigerated dressings and Olive Garden® retail dressings, and increased sales from Flatout® flatbreads. On the foodservice side, only flat to modest sales gains are forecast as our business rationalization plan will pare top-line growth throughout the year and reduced pricing related to lower year-over-year commodity costs, particularly eggs, will be a notable headwind in the fiscal first half. Commodity costs are expected to remain favorable through the first half of fiscal 2017 while our investment in marketing and promotion for our retail brands, including support for new product introductions, is projected at higher levels in the coming quarters."
For earnings history and earnings-related data on Lancaster Colony (LANC) click here.
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