Lancaster Colony Q2 Profit Declines

(RTTNews) - Lancaster Colony Corp. (LANC) reported that its net income for the second quarter ended December 31, 2019 declined to $43.42 million or $1.58 per share from $47.91 million or $1.73 per share in the prior year. The latest-quartr ERP expenses decreased net income by $3.7 million and the AB Adjustment increased prior-year net income by $7.4 million.

Consolidated net sales increased 1.6% to $355.1 million from $349.6 million last year.

Analysts polled by Thomson Reuters expected the company to report earnings of $1.54 per share and revenues of $364.7 million for the quarter. Analysts' estimates typically exclude special items.