Originally published at www.seclive.com
Landec Corp. (NASDAQ:LNDC) announced its financial results for the second fiscal quarter of 2014, reporting earnings that fell 61%. The food and food technology business cited poor weather conditions that adversely affected produce supply, subsequently affecting the company's margins and vegetable business. Weather specifically in California, Mexico, and the East Coast affected the green bean and broccoli crops, causing marked shortages. Anticipating shortages, Landec reduced its annual guidance from the 20% growth it was projecting to a more modest flat to 5% growth estimate. Propelled mostly to its Apio Inc. business, revenue increased 4.7% to $120M while Landec's gross margin tightened from 16.2% to 11.4%. Earnings this quarter were $3.5M and $0.13 per share, down from the $8.9M and $0.34 per share a year ago.
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