Landec (LNDC) Tops Q1 EPS by 2c; Reiterates Outlook
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Landec (NASDAQ: LNDC) reported Q1 EPS of $0.08, $0.02 better than the analyst estimate of $0.06. Revenue for the quarter came in at $123.4 million versus the consensus estimate of $123 million.
Management Comments and Guidance for Fiscal 2018
“We are reiterating our fiscal 2018 guidance. We continue to expect consolidated annual revenues to increase 2% to 4% in fiscal 2018 compared to fiscal 2017 based on our Eat Smart salad products growing low double digits, Lifecore growing 6% to 8% and O Olive increasing revenues by $5 to $6 million,” stated Skinner. “We continue to expect the revenues in Apio’s lower-margin core and export businesses to decrease $20 to $25 million, a majority of which was realized during the fiscal first quarter with the $15.8 million decrease in revenues in Apio’s export business. We continue to project consolidated net income to increase 35% to 55% in fiscal 2018 compared to fiscal 2017, resulting in an estimated earnings per share range of $0.52 to $0.58. We expect consolidated cash flow from operations of $32 million to $36 million and capital expenditures of $44 million to $48 million. For the second quarter of fiscal 2018, we expect revenues to be in the range of $135 million to $140 million and net income to be $0.06 to $0.08 per share. This guidance incorporates the impact from a shift in product shipments at Lifecore from the second fiscal quarter to the third and fourth fiscal quarters, which will have no impact on Lifecore’s full year fiscal 2018 projections. We are reiterating our guidance for the year as we expect sales and gross profit from new customers and new products to accelerate during the second half of the year.”
“As outlined in our press release last week, the U.S. and Mexico have faced a series of unprecedented weather and natural disaster events. Over the past week, weather in the West appears to have cooled, allowing future crops to return to more favorable yields. Green beans will continue to be in tight supply in the South throughout October, but additional costs required to maximize fulfillment to our customers have been minimized due to proactive management by our procurement, sales and customer service teams and the increasingly diverse geographic makeup of our partner growers. Any cost increases that Apio does incur to service our customers are expected to be offset by additional revenues from new customers which are included in our guidance,” concluded Skinner.
For earnings history and earnings-related data on Landec (LNDC) click here.
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