UPDATE 1-Lancaster Colony Q4 results miss view, shares fall

Thu Aug 19, 2010 10:40am EDT

* Q4 EPS $0.81 vs est $0.98 * Revenue misses estimates * Specialty Food sales fall 4 pct

* Shares fall 11 pct

Aug 19 (Reuters) - Consumer products company Lancaster Colony Corp (LANC.O) reported quarterly results that missed market expectations, hurt by weaker demand at its specialty food business.

Shares of the company, which also has a glassware and candles business segment, fell as much as 11 percent in early trade Thursday on Nasdaq.

Lancaster Colony said earnings optimism for 2011 is tempered by economic hurdles faced by consumers, and potentially higher food commodity and packaging costs.

The company, however, said new products in its specialty foods business could boost sales.

For the fourth quarter ended June 30, Lancaster Colony earned $22.8 million, or 81 cents a share. [ID:nASA00O9N]

Shares of the Columbus, Ohio-based company, which lost about 10 percent of its value in the past three months, were down 3 percent at $46.90 morning trade on Nasdaq. They touched a low of $43.28 earlier in the session.

More than half a million shares changed hands, more than three times the 50-day moving average volume of the stock. (Reporting by Renju Jose in Bangalore)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.