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Landec: Fiscal 2Q Earnings Snapshot

SANTA CLARA, Calif. (AP) _ Landec Corp. (LNDC) on Thursday reported a fiscal second-quarter loss of $6.7 million, after reporting a profit in the same period a year earlier.

The Santa Clara, California-based company said it had a loss of 23 cents per share. Losses, adjusted for restructuring costs, came to 16 cents per share.

The results did not meet Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for a loss of 6 cents per share.

The agricultural and food packaging products company posted revenue of $142.6 million in the period, which topped Street forecasts. Five analysts surveyed by Zacks expected $142.5 million.

For the current quarter ending in March, Landec expects its per-share earnings to range from 6 cents to 9 cents.

The company said it expects revenue in the range of $154 million to $158 million for the fiscal third quarter.

Landec expects full-year earnings in the range of 28 cents to 32 cents per share, with revenue ranging from $602 million to $613 million.

Landec shares have declined roughly 6% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $11.15, a decrease of nearly 6% in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on LNDC at https://www.zacks.com/ap/LNDC