Landec (LNDC) Reports Q3 Revenues Above Estimates
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Note: EPS may not be comparable
Landec (NASDAQ: LNDC) reported Q3 EPS of $0.58, versus $0.09 reported last year. Revenue for the quarter came in at $149.3 million versus the consensus estimate of $146.04 million.
Reported net income in the third quarter of fiscal 2018 was $16.1 million, or $0.58 per share, compared to $3.5 million, or $0.13 per share, in the year-ago quarter.
The increase was a result of:
- (1) a $13.7 million, or $0.49 per share, one-time tax benefit from the new lower corporate income tax rate, primarily from a reduction in the Company’s deferred tax liability,
- (2) a $2.2 million decrease in consolidated operating expenses, due to legal settlement charges of $2.1 million incurred during the third quarter of last year, and
- (3) a $761,000 decrease in income taxes prior to the one-time tax benefit.
These increases in net income were partially offset by:
- (1) a $2.2 million decrease in gross profit in Apio’s packaged fresh vegetables business primarily due to $3.6 million of unplanned produce sourcing costs as a result of weather related issues during the quarter,
- (2) a $1.0 million decrease in gross profit at Lifecore due to the timing of shipments within the fiscal year,
- (3) a $700,000 decrease in the change in the fair market value of our investment in Windset, from a $700,000 increase during the third quarter of last year compared to no change during the third quarter of this year, and
- (4) a $240,000 decrease in food export gross profit due to lower food export revenues.
For earnings history and earnings-related data on Landec (LNDC) click here.
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