Landec Beats Q3 Estimates But Earnings Outlook In Line to Lower

Landec (LNDC) said Q3 ended Feb 25 sales increased 9% to a record $149.3 million from the year-ago period and topped the CapIQ mean for $146.1 million.

Reported net income per share rose to $0.58 from $0.13 a year earlier and beat expectations for $0.55 on a GAAP basis.

Q4 revenues from continuing operations, which exclude the food export business, are expected to increase 13% to 16% compared to last year. It expects consolidated net income from continuing operations to be $0.20 to $0.22 per share. Forecasts are for sales of $137.3 million, GAAP EPS of $0.22 and normalized EPS of $0.23.

FY18 revenues from continuing operations are expected to grow 10% to 12% compared to the prior year and EPS from continuing operations of $0.40 to $0.42, excluding the favorable $0.49 earnings per share from the one-time tax benefit in fiscal 2018. Estimates are for sales of $538.8 million, GAAP EPS of $1.03 and normalized EPS of $0.58.

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