Polymer products company Landec Corp. (LNDC), on Tuesday reported third-quarter net income of $4.78 million, compared to $4.76 million last year. On a per share basis, profit remained flat at 18 cents for both the comparable quarters.
Total cost of revenue for the latest third quarter rose to $100.3 million from $66.8 million in the year-ago quarter.
On average, four analysts polled by Thomson Reuters expected the company to earn $0.17 per share for the quarter. Analysts estimate typically excludes one-time items.
Meanwhile, total revenue in the quarter rose 47 percent to $117.86 million from $80.06 million in the prior year quarter, while three analysts expected the company to generate revenues of $109.51 million for the quarter.
Looking ahead to the fourth quarter of 2013, the company expects net income of $4.5 million to $4.5 million on revenues in a range between $101 million and $105 million. Analysts expect the company to earn $0.17 on revenues of $108.06 for the fourth quarter.
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