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Landec profit misses consensus by 16.2% in fiscal Q1

Landec Corp. said its normalized net income for the fiscal first quarter ended Aug. 31 amounted to 8 cents per share, compared with the S&P Capital IQ consensus estimate of 9 cents per share.

EPS climbed 89.1% year over year from 4 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $2.1 million, a gain of 90.4% from $1.1 million in the prior-year period.

The normalized profit margin rose to 1.6% from 1.0% in the year-earlier period.

Total revenue increased 22.0% year over year to $133.6 million from $109.5 million, and total operating expenses rose 21.0% from the prior-year period to $130.1 million from $107.5 million.

Reported net income decreased 49.7% year over year to $2.5 million, or 9 cents per share, from $4.9 million, or 18 cents per share.