Last Update: 03-Jan-13 07:51 ET
Landec shares rise 6% following beat on earnings
Landec (LNDC $10.50 +0.68) reported second quarter earnings of $0.34 per share, $0.18 better than the Capital IQ consensus of $0.16, while revenues rose 40.6% year/year to $114.7 million versus the $102.82 million consensus. The company's original guidance for all of fiscal year 2013 was to grow revenues by approximately 30% and net by 25% to 35% company compared to fiscal year 2012. Based on the results for the first half of fiscal year 2013, and barring any major adverse financial impact from winter weather in food business, LNDC now expects revenues to grow 33% to 38% and net to grow 60% to 70%, which includes the additional $3.9 million, or $0.15 per share, from the non-recurring earn-out adjustment. In addition, LNDC expects to generate $20 million to $25 million in cash flow from operations and we expect to spend approximately $8.0 million to $9.0 million in capital expenditures, slightly higher than the $7.5 million to $8.0 million in original guidance for fiscal year 2013.
Landec (LNDC $10.50 +0.68) reported second quarter earnings of $0.34 per share, $0.18 better than the Capital IQ consensus of $0.16, while revenues