Why Lancaster Colony Stock Dropped Today
Shares of food-product manufacturer and marketer Lancaster Colony (NASDAQ: LANC) fell on Wednesday after financial results for its fiscal fourth quarter of 2023 failed to meet expectations. As of 1 p.m. ET, Lancaster Colony stock was down 11% and hitting year-to-date lows.
Lancaster Colony produces its own food products as well as manufactures products for restaurant chains, including Chick-fil-A, Buffalo Wild Wings, and 's Olive Garden. For fiscal 2023, the company had net sales of $1.8 billion, up a nice 8.7% year over year. However, net sales for fiscal Q4 were up only 0.5%, which was below analysts' expectations.
Lancaster Colony's Q4 net income of $9.2 million also came up short of expectations. Moreover, it represented a steep year-over-year drop of 68%.
Source Fool.com
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