Marzetti reports Q1 EPS $1.71, consensus $1.70

Reports Q1 revenue $493.47M, consensus $474.17M. CEO David A. Ciesinski commented, “We were pleased to report record sales, gross profit and operating income for our fiscal first quarter. In the Retail segment, sales growth of 3.5% was led by our category-leading New York Bakery frozen garlic bread products, including notable contributions from the delicious gluten-free Texas Toast that we launched last fall. Volume gains for our successful licensing program also added to the increase in Retail segment sales driven by Chick-fil-A sauces, Olive Garden dressings, and Buffalo Wild Wings sauces. In the Foodservice segment, reported net sales increased 8.2% with Adjusted Foodservice Net Sales growth of 3.5% led by higher demand from several of our core national chain restaurant accounts in addition to inflationary pricing.”