By Colin Kellaher
Lancaster Colony shares fell on Wednesday after the maker of specialty foods posted a steep drop in quarterly profits.
Shares of the Westerville, Ohio, company were recently changing hands at $162.74, down 11%.
Lancaster Colony reported earnings of 33 cents a share for its fiscal fourth quarter ended June 30 after booking impairment charges of 70 cents a share, down from a profit of $1.06 a share a year earlier.
The company said its quarterly gross profit fell short of its expectations due to transitory costs associated with its long-term investments in production capacity and its enterprise-resource-planning network, but the company noted that the issues have been remedied.
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