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Lancaster Colony (LANC)

Lancaster Colony Corp. engages in the manufacture and sale of specialty food products. It operates through the following segments: Retail and Foodservice. The Retail and Foodservices segments focuses in the manufacture and selling of frozen breads, refrigerated dressings and dips and shelf-stable dressings and croutons under the brand name New York BRAND Bakery, Sister Schubert’s, Marzetti Frozen Pasta and Flatout. The company was founded in 1961 and is headquartered in Westerville, OH.

Company profile

Ticker
LANC
Exchange
CEO
David Ciesinski
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
T. Marzetti Company • Angelic Bakehouse, Inc. • Bantam Bagels, LLC • Flatout, Inc. • Fostoria Glass Company • Lancaster Energy Corporation • Lancaster Glass Corporation • Marzetti Frozen Pasta, Inc. • Marzetti Manufacturing Company • New York Frozen Foods, Inc. ...
IRS number
131955943

LANC stock data

Analyst ratings and price targets

Last 3 months

Calendar

5 May 22
26 Jun 22
30 Jun 22
Quarter (USD) Mar 22 Dec 21 Sep 21 Jun 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Jun 21 Jun 20 Jun 19 Jun 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 67.09M 67.09M 67.09M 67.09M 67.09M 67.09M
Cash burn (monthly) 15.64M 12M 2.54M (no burn) (no burn) (no burn)
Cash used (since last report) 44.9M 34.46M 7.29M n/a n/a n/a
Cash remaining 22.18M 32.63M 59.8M n/a n/a n/a
Runway (months of cash) 1.4 2.7 23.6 n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
19 May 22 K. Pigott Thomas Common Stock Buy Acquire P No No 121.7 800 97.36K 5,817
14 May 22 Robert L Fox Common Stock Gift Dispose G No No 0 200 0 246,118
1 Apr 22 K. Pigott Thomas Common Stock Payment of exercise Dispose F No No 154.86 264 40.88K 5,017
26 Feb 22 Carl R. Stealey Common Stock Payment of exercise Dispose F No No 168.09 226 37.99K 2,715
26 Feb 22 David S. Nagle Common Stock Payment of exercise Dispose F No No 168.09 226 37.99K 3,249
58.3% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 245 247 -0.8%
Opened positions 28 31 -9.7%
Closed positions 30 37 -18.9%
Increased positions 109 93 +17.2%
Reduced positions 76 92 -17.4%
13F shares Current Prev Q Change
Total value 2.4B 2.61B -8.2%
Total shares 16.06M 15.76M +1.9%
Total puts 4.6K 0 NEW
Total calls 5.2K 1.9K +173.7%
Total put/call ratio 0.9
Largest owners Shares Value Change
BLK Blackrock 2.22M $330.93M +0.2%
Vanguard 2.06M $306.96M +1.0%
STT State Street 1.83M $273.03M +16.7%
Champlain Investment Partners 1.02M $151.94M -4.6%
ATAC Neuberger Berman 801.22K $119.5M -4.1%
SAMG Silvercrest Asset Management 569.53K $84.95M +2.4%
Dimensional Fund Advisors 479.1K $71.46M -0.1%
Diamond Hill Capital Management 442.37K $65.98M +302.2%
First Trust Advisors 428.2K $63.87M +3.6%
Renaissance Technologies 391.36K $58.37M +2.6%
Largest transactions Shares Bought/sold Change
Diamond Hill Capital Management 442.37K +332.37K +302.2%
STT State Street 1.83M +261.39K +16.7%
Millennium Management 78.33K -166.2K -68.0%
Citadel Advisors 2.97K -162.92K -98.2%
London Co Of Virginia 125.72K +125.72K NEW
Norges Bank 0 -107.56K EXIT
MS Morgan Stanley 130.73K +82.05K +168.5%
Champlain Investment Partners 1.02M -49.16K -4.6%
Victory Capital Management 363.18K -34.64K -8.7%
ATAC Neuberger Berman 801.22K -34.6K -4.1%

Financial report summary

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Risks
  • We may be subject to business disruptions, product recalls or other claims for real or perceived safety issues regarding our food products.
  • We may be subject to a loss of sales or increased costs due to adverse publicity or consumer concern regarding the safety, quality or healthfulness of food products, whether with our products, competing products or other related food products.
  • Epidemics, pandemics or similar widespread public health concerns and disease outbreaks, such as COVID-19, have disrupted and may cause future disruptions to consumption, supply chains, management, operations and production processes, which could have a material adverse effect on our business, results of operations, financial condition and cash flows.
  • Cyber attacks, data breaches or other breaches of our information security systems could have an adverse effect on our business, results of operations, financial condition and cash flows.
  • A disruption of production at certain manufacturing facilities could result in an inability to meet our customers’ demands for certain products, which could also negatively impact our ability to maintain adequate levels of product placement with our customers on a long-term basis.
  • Manufacturing capacity constraints may have a material adverse effect on our business, results of operations, financial condition and cash flows.
  • Increases in the costs or limitations to the availability of raw materials we use to produce and package our products could adversely affect our business by increasing our costs to produce goods.
  • We may experience difficulties in designing and implementing our new enterprise resource planning system.
  • The availability and cost of transportation for our products is vital to our success, and the loss of availability or increase in the cost of transportation could have an unfavorable impact on our business, results of operations, financial condition and cash flows.
  • We may require significant capital expenditures to maintain, improve or replace aging infrastructure and facilities, which could adversely affect our cash flows.
  • Our inability to successfully renegotiate collective bargaining contracts and any prolonged work stoppages could have an adverse effect on our business, results of operations, financial condition and cash flows.
  • Increases in energy-related costs could negatively affect our business by increasing our costs to produce goods.
  • The loss of the services of one or more members of our senior management team could have a material adverse effect on our business, results of operations, financial condition and cash flows.
  • We may not be able to successfully consummate proposed acquisitions or divestitures, and integrating acquired businesses may present financial, managerial and operational challenges.
  • We rely on the value of the brands we sell, and the failure to maintain and enhance these brands could adversely affect our business.
  • Competitive conditions within our Retail and Foodservice markets could impact our sales volumes and operating profits.
  • Walmart is our largest Retail customer. The loss of, or a significant reduction in, Walmart’s business, or an adverse change in the financial condition of Walmart, could result in a material adverse effect on our business, results of operations, financial condition and cash flows.
  • Chick-fil-A represents a significant portion of our Foodservice segment sales. The loss of, or a significant reduction in, this national chain restaurant’s business, or an adverse change in Chick-fil-A’s financial condition, could result in a material adverse effect on our business, results of operations, financial condition and cash flows.
  • McLane is our largest Foodservice customer. An adverse change in the financial condition of McLane could have a material adverse effect on our business, results of operations, financial condition and cash flows.
  • We rely on the performance of major retailers, mass merchants, wholesalers, food brokers, distributors and foodservice customers for the success of our business and, should they perform poorly or give higher priority to other brands or products, our business could be adversely affected.
  • Technology failures could disrupt our operations and negatively impact our business.
  • We are subject to federal, state and local government regulations that could adversely affect our business and results of operations.
  • We may incur liabilities related to a multiemployer pension plan which could adversely affect our financial results.
  • Anti-takeover provisions could make it more difficult for a third party to acquire us.
Management Discussion
  • For the three months ended March 31, 2022, Retail segment net sales reached $213.1 million, a 7% increase from the prior-year total of $198.4 million. In addition to the benefit of pricing actions, Retail segment sales were driven by volume gains for Chick-fil-A® sauces and Buffalo Wild Wings® sauces, both of which are sold under exclusive licensing agreements, and higher sales of our Sister Schubert’s® frozen dinner rolls. Retail segment sales volumes, measured in pounds shipped, decreased 2%, including the impact of some planned product line rationalizations. In the prior-year quarter, retail segment sales volumes increased 12%.
  • For the nine months ended March 31, 2022, Retail segment net sales increased 11% to $682.1 million compared to the prior-year total of $614.7 million. In addition to the benefit of pricing actions, the increase in Retail sales was driven by volume gains for Chick-fil-A® sauces and Buffalo Wild Wings® sauces as well as higher sales of our New York BRAND Bakery® frozen garlic bread and Sister Schubert’s® frozen dinner rolls. Retail segment sales volumes, measured in pounds shipped, increased 4% in the current-year period compared to an increase of 12% last year.
  • For the three months ended March 31, 2022, Retail segment operating income decreased 46% to $22.2 million due to the unfavorable impacts of increased commodity and packaging costs, significantly higher freight and warehousing costs, increased co-manufacturing costs, higher labor costs and broad-based supply chain challenges. The net impact of our pricing actions lagged the extraordinary levels of cost inflation.

Content analysis

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