Lancaster Colony Q1 EPS falls to $1.11 from $1.35; record sales $392.1M, costs pressure margins

MARZETTI CO

2023-Q1 EPS reported $1.11 revenue$392,056,000

Net sales rose 12.3% to a first-quarter record $392.1M; Retail +15.6%, Foodservice +8.1%.
Consolidated gross profit nearly flat at $92.4M vs $92.7M YoY; operating income down $8.4M to $40.5M.
Diluted EPS $1.11 vs $1.35; prior year included $0.16 net benefit from Bantam Bagels contingent consideration adjustment.
Cost inflation from soybean oil, packaging, freight, labor partially offset by pricing actions taken near quarter-end.
ERP Project Ascent costs reduced EPS by $0.26 vs $0.23 last year.

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