Welcome to our dedicated page for Lancaster Colony news (Ticker: LANC), a resource for investors and traders seeking the latest updates and insights on Lancaster Colony stock.
LANC represents the historical ticker for Lancaster Colony Corporation, a manufacturer and marketer of specialty food products for the retail and foodservice channels. Company news releases describe Lancaster Colony’s operations through Retail and Foodservice segments and highlight its transition to the new corporate name, The Marzetti Company, and new trading symbol MZTI on the Nasdaq Global Select Market.
News related to LANC and The Marzetti Company includes quarterly and annual financial results, segment performance for Retail and Foodservice, and information on cost savings programs and manufacturing network changes. Earnings releases provide details on net sales, gross profit, operating income, restructuring and impairment charges, and other financial metrics, along with commentary on factors such as consumer demand, restaurant traffic, and product mix.
Additional news coverage includes announcements about dividend declarations and the company’s long record of consecutive years of increased regular cash dividends and consecutive quarterly cash dividend payments. Releases also describe acquisitions of sauce and dressing production facilities, temporary supply agreements connected to those acquisitions, and plans to optimize the manufacturing network, including the planned closure of certain facilities.
Subsidiary-focused news from T. Marzetti Company, a wholly owned subsidiary prior to the name change, covers leadership appointments, product launches, and licensing activities related to specialty food products. These items illustrate how the broader organization develops and markets specialty food offerings for both retail and foodservice customers.
Investors and followers of the historical LANC symbol can use this news stream to review Lancaster Colony’s and The Marzetti Company’s reported financial results, dividend actions, manufacturing updates, and subsidiary developments over time.
Lancaster Colony announced its Board of Directors declared a quarterly cash dividend of 90 cents per common share, to be paid on June 28, 2024, to shareholders of record as of June 7, 2024. This maintains the increased dividend level set six months ago and marks the company's 61st consecutive year of increased regular cash dividends. The annual payout for the current fiscal year ending June 30, 2024, is $3.55 per share, up from $3.35 per share in fiscal 2023. Lancaster Colony boasts a record of 244 consecutive quarterly cash dividends since September 1963. Approximately 27,527,000 common shares are currently outstanding.
Lancaster Colony reported increased consolidated net sales by 1.4% to $471.4 million in the fiscal third quarter, with Retail net sales improving by 0.3% and Foodservice net sales growing by 2.6%. Consolidated gross profit increased by 10.9% to $104.5 million, driven by pricing favorability, cost savings initiatives, and volume growth. The company decided to exit perimeter-of-the-store bakery product lines, resulting in a $2.6 million inventory write-down. CEO David A. Ciesinski expressed optimism for the Retail segment and continued volume growth in the Foodservice segment.
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