RTTNews | Nov 4, 2020 07:41AM EST

07:41 Wednesday, November 4, 2020 (RTTNews.com) - Lancaster Colony Corp. (LANC) reported first quarter net income of $1.35 per share compared to $1.48 per share last year. The company noted that the favorable adjustment to the contingent consideration for Bantam Bagels increased net income by $0.16 per share while expenditures for Project Ascent reduced net income by $0.23 per share and the Bantam Bagels impairment charge reduced net income by $0.03 per share. On average, three analysts polled by Thomson Reuters expected the company to report profit per share of $1.60, for the quarter. Analysts' estimates typically exclude special items.

First quarter consolidated net sales increased 3.6% to $349.2 million from $337.1 million last year. Excluding all sales attributed to a temporary supply agreement resulting from the acquisition of Omni Baking Company, consolidated net sales increased 5.2%. Analysts expected revenue of $342.07 million, for the quarter.

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