UPDATE: Landec Posts Surge In FQ2 Profit, Raises FY13 Forecast

Landec

reported a surge in its fiscal second-quarter earnings and lifted its full-year outlook. For FY13, Landec now expects net income to rise 60% to 70% and revenue to grow 33% to 38%. The company had earlier expected net income to rise 25% to 35% and revenue to grow around 30%. Landec's quarterly profit surged to $8.9 million, or $0.34 per share, from $3.3 million, or $0.13 per share, in the year-ago period. Its revenue surged 41% to $114.7 million. However, analysts were expecting a profit of $0.16 per share on revenue of $103 million. Landec's gross margin rose to 16.2% from 15.9%. Landec also restated its financial statements for the first quarter. Landec shares surged 6.92% to $10.50 in the after-hours trading session.