Lancaster Colony Q4 sales record $452.4M; EPS $1.06 vs $1.15; FY EPS $3.25 vs $5.16

MARZETTI CO

2022-FY EPS reported $3.25 revenue$1,676,390,000

Q4 net sales record $452.4M (+17.3% YoY); Retail +8.8%, Foodservice +28.1%, driven by pricing and advance ordering ahead of ERP go-live.
Gross profit record $98.4M (+1.8%); gross margin 21.8% down 330bps YoY, but up 480bps sequentially from Q3.
Operating income $33.7M vs $40.9M last year, including $10.5M restructuring/impairment charges (Angelica Bakehouse tradename impairment $8.8M).
Diluted EPS $1.06 vs $1.15 in Q4; FY EPS $3.25 vs $5.16. Project Ascent costs reduced EPS by $1.09 in FY.
Expects FY2023 headwinds from inflation, higher commodity costs, and Q1 sales impact from advance ordering; new pricing on dressings/sauces implemented.

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