Landec Ticks Higher Following Q2 Earnings Release
Shares of Landec (NASDAQ: LNDC) are trading higher in the after-hours following the release of the company's Q2 earnings results. Currently, shares are higher by 0.17%, trading at $5.91; they ended the regular session higher by 6.88%, at $5.90.
Landec reported Q2 EPS of $0.13 on revenues of $81.6 million. Revenues increased 16% year over year.
The revenue growth of $11.4 million was due to growth in Landec's food and biomaterials businesses, specifically a $6.0 million increase in Apio's value-added business, a $4.6 million increase in Apio's export business, and an $813,000 increase in Lifecore's biomaterials business.
Gary Steele, Landec's Chairman and CEO, commented, "We had a very good second quarter, achieving revenue growth of 16% and net income growth of 63%. Our Apio food business grew revenues and profits in both its value-added business and its export business. The growth for these businesses can be primarily attributed to increased sales volumes and normal weather patterns so far this year.”
“Overall Apio's revenues increased 18% and its pre-tax net income more than doubled during the quarter compared to the second quarter of last year. Our Lifecore business increased revenues 10% during the quarter and pre-tax income was flat with the second quarter of last year due to the timing of production, which resulted in reduced absorption of overhead costs during the quarter."
Landec Corporation designs, develops, manufactures and sells polymer products for food and agricultural products, medical devices and licensed partner applications that incorporate Landec's polymer technologies.
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