Lancaster Colony Corp. (LANC)) recently announced great year-end results and shares are surging on the news.
Company Description
Lancaster makes a variety of products in 3 general areas: home goods, specialty foods, and automotive. However the company has been transitioning out of certain areas for the past few years.
Exceeded Expectations
On Aug 20 the company reported full-year results for fiscal 2009 that included sales of $1.05 billion, a 7% improvement compared to last year. The final quarter of the year also saw a 7% improvement in sales to $253 million.
Earnings per share for the quarter came in at $1.01, 25 cents higher than the Zacks Consensus Estimate.
Corporate officers also had positive comments about the Lancaster’s position and growing financial strength.
Rising Estimates
Since the report the Zacks Consensus Estimate for fiscal 2010 has jumped 26 cents to $3.30. Estimates for next year are averaging $3.51, up from $3.07. These levels represent year-over-year growth of 11% and 7%, respectively.
The Chart
After hitting resistance for a couple months, the year-end report pushed shares of LANC to new 52-week highs. take a look at the chart below.
