Landec (LNDC) Tops Q1 EPS by 2c; Guides Q2
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Landec (NASDAQ: LNDC) reported Q1 EPS of $0.12, $0.02 better than the analyst estimate of $0.10. Revenue for the quarter came in at $132.4 million versus the consensus estimate of $131.84 million.
Landec sees Q2 2017 EPS of $0.05-$0.07, versus the consensus of $0.08. Landec sees Q2 2017 revenue of $137-142 million, versus the consensus of $140.32 million.
“For the first quarter, our consolidated gross margin increased 270 basis points to 16.0% and net income increased 12% to $0.12 per share compared to the first quarter of last year. These results are in line with our strategy to innovate new products and continually shift our product mix to higher value items,” commented Molly Hemmeter, Landec’s President and CEO. “As expected, revenues for the first quarter decreased 2% compared to the first quarter of last year primarily due to a strategic decision to reduce low margin business in our packaged fresh vegetables business during the second half of fiscal 2016. However, our efforts to shift away from non-strategic low margin business and to innovate and grow higher margin products as a larger percent of our business is resulting in continued improvement of gross margin, operating income and net income, and has us on target to meet our stated performance goals for fiscal 2017.”
For earnings history and earnings-related data on Landec (LNDC) click here.
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