Why Lancaster Colony Stock Jumped Thursday
Lancaster Colony (NASDAQ: LANC) stock was far outpacing the market in early trading on Thursday, jumping by 12.6% as of 11:20 a.m. ET compared to a 0.5% increase in the S&P 500. That surge helped put the specialty food products company above the wider market for the year. While the S&P 500 is still down by more than 12% so far in 2022, Lancaster Colony is down by less than 1%.
The day's gains were propelled by a well-received earnings report.
Before the market opened Thursday, Lancaster Colony delivered the results for its fiscal 2022 fourth quarter, which ended June 30. Sales rose 17% to a record $452 million in the period, driven by a 9% increase in sales to its retailing partners plus a 28% surge in its food service division.
Source Fool.com
