Landec Profit Falls; FY16 Outlook Strong

(RTTNews) - Landec Corp (LNDC) on Tuesday reported net earnings of $3.2 million or $0.12 per share for the second quarter of fiscal year 2015. This compares with a profit of $3.5 million or $0.13 per share last year.

Analysts polled by Thomson Reuters estimated earnings of $0.12 per share for the quarter. Analysts' estimates typically exclude special items.

Landec noted that its results were hurt by the smaller increase in the fair market value of its investment in Windset Farms, compared with last year.

Revenues for the quarter were $132.7 million compared with $120 million in the prior year. Analysts estimated revenues of $127 million.

For the fiscal year 2016, the company expects revenues to grow by as much as 10% from the prior year, net income estimated to rise more than 50% to an upper range of $1.00 per share.

Analysts expect revenue growth of 8.7% and earnings of $0.98 per share for 2016.

Landec makes differentiated products in food and biomedical materials markets.