Lancaster Colony Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Fiscal Year Ended June 30, 2018; Provides Capital Expenditures and Tax Rate Guidance for the Fiscal Year 2019
August 23, 2018 at 07:30 am EDT
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Lancaster Colony Corporation announced unaudited consolidated earnings results for the fourth quarter and fiscal year ended June 30, 2018. For the quarter, net sales increased 6.3% to $308,170,000 versus $289,874,000 last year. Operating income was $42,851,000 versus $42,623,000 a year ago. Net income was $32,387,000 or $1.18 per basic and diluted share compared to $28,487,000 or $1.04 per basic and diluted share last year. Income before income taxes was $43,802,000 compared to $42,954,000 a year ago.
For the year, net sales were $1,222,925,000 versus $1,201,842,000 last year. Operating income was $172,107,000 versus $174,748,000 a year ago. Net income was $135,314,000 or $4.92 per diluted share compared to $115,314,000 or $4.20 per diluted share last year. Income before income taxes was $174,203,000 compared to $175,516,000 a year ago. Net income amount was unfavorably impacted by the cost resulting from the company's withdrawal from the underfunded multiemployer pension plan of approximately $11.5 million or $0.42 per share. Cash provided by operating activities of $161 million. Fiscal year-to-date cash expenditures for property additions totaled $31 million.
Looking ahead, at the present time, the company anticipates capital expenditures to be in the range of $60 million to $80 million for fiscal 2019 and in general, will focus on projects to increase capacity and productivity. Looking forward, at this time, the company continues to estimate effective tax rate for fiscal 2019 to be approximately 24%.
Lancaster Colony Corporation is a manufacturer and marketer of specialty food products for the retail and foodservice channels. The Company operates through two segments: Retail Segment and Foodservice Segment. Its Retail Segment manufactures and sells frozen breads, refrigerated dressings and dips, and shelf-stable dressings and croutons under the brand names New York BRAND Bakery, Marzetti, Marzetti Simply, Cardiniâs, Girardâs and others. It also manufactures and sells other products pursuant to brand license agreements, including Chick-fil-A sauces and dressings, Olive Garden dressings and Buffalo Wild Wings sauces. Its Foodservice segment manufactures and sells salad dressings, sandwich and dipping sauces, frozen breads and yeast rolls. Its products are sold through sales personnel, food brokers and distributors in the United States. Its products are also sold under private label to restaurants. It also manufactures and sells various branded foodservice products to distributors.
Lancaster Colony Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Fiscal Year Ended June 30, 2018; Provides Capital Expenditures and Tax Rate Guidance for the Fiscal Year 2019