Landec tops 1Q revenue estimates, continues to invest in natural foods segment

Landec Corporation (NASDAQ:LNDC) topped revenue estimates in its fiscal-first quarter as it continues to grow its natural foods division.

Shares of Landec were down slightly to $14 in Tuesday after-hours trading.

The packaged foods company reported earnings of $0.01 per share on revenue of $124.7 million compared with $0.08 EPS on revenue of $123.36 million in the previous year’s first quarter.

The California-based company reporting earnings in-line with Wall Street estimates, surpassing revenue expectations of $123.94 million.

CEO Molly Hemmeter said the company’s natural foods business is “uniquely positioned” to deliver fresh food solutions to consumers.

“We continue to invest in development programs and capital to make this transformation successful. These investments will negatively impact profits in our Natural Foods business in the short-term but are establishing a path to meaningful profit growth and enhanced shareholder value in the long-term,” said Hemmeter in the company’s press release.

Landec’s brand portfolio includes Eat Smart packaged fresh vegetables, O Olive Oil & Vinegar, Now Planting plant-based soups as well as Lifecore Biomedical, which develops biomaterials for use in the ophthalmic and orthopedic markets.

Story by ProactiveInvestors