Earnings ·
Marzetti reports Q1 diluted EPS of $1.07, down from $1.71, as sales decline 2.4% to $481.5 million
MZTIMarzetti Co
The Marzetti Company reported first-quarter net income of $29.3 million, or $1.07 per diluted share, compared to $47.2 million, or $1.71 per diluted share, in the prior-year period. Consolidated net sales declined 2.4% to $481.5 million from $493.5 million, driven by a cyclospora outbreak that reduced demand for retail dressing and dip products, as well as higher freight costs and commissioning expenses at its Atlanta facility. The Foodservice segment saw a 6.9% sales drop to $228.8 million, while the Retail segment grew 2.0% to $252.7 million, bolstered by $17.8 million in incremental sales from the newly acquired Bachan’s brand. Adjusted diluted EPS was $1.14, down from $1.74 last year. The Marzetti Company is a manufacturer and marketer of specialty food products for the retail and foodservice channels.