Landec Q3 Profit Meets Estimate

(RTTNews) - Landec Corp. (LNDC) reported net income for the third quarter of $3.8 million or $0.14 per share, compared to $6.4 million or $0.24 per share for the year-ago quarter.

Revenues for the third quarter rose 10% to $138.5 million from $126.4 million a year earlier, mainly due to a 21% increase in revenues in Apio's value-added business, which includes its Eat Smart fresh-cut specialty packaged vegetable business, Apio Cooling and Apio Packaging.

Analysts polled by Thomson Reuters expected the company to earn $0.14 per share on revenue of $135.73 million for the third quarter.

Looking forward to the fourth quarter, the company forecasts revenues of $130.0 million to $135.0 million and earnings per share of $0.18 to $0.20. Analysts currently expect the company to earn $0.20 per share on revenue of $127,20 million for the fourth quarter.