UPDATE 1-Landec cuts 2011 outlook hurt by cold weather

Mon Dec 13, 2010 5:30pm EST

* Sees rev to grow 12-15 pct in 2011

* Sees 2011 EPS of $0.34-$0.36

* Shares down 8 percent

Dec 13 (Reuters) - Polymer science company Landec Corp (LNDC.O) cut its 2011 outlook citing prolonged cold and wet weather that the hurt agricultural produce industry, sending its shares down 8 percent in extended trading. "Cold weather slows down growing rates for some of our primary raw produce items, while wet weather can create disease," Ron Midyett, chief executive of Landec's food subsidiary Apio, said.

Landec develops and markets patented polymer products for food, agricultural, medical device and licensed partner applications.

Earnings for fiscal year 2011 are now expected to be in the range of $0.34-$0.36 per share, down from prior outlook of $0.36 to $0.41 per share.

The company expects revenue to grow 12-15 percent in 2011, compared with previous expectation of 15 percent.

Analysts on average expect the company to post earnings of $0.38 per share on revenue of $270.8 million for 2011, according to Thomson Reuters I/B/E/S.

Shares of Menlo Park, California-based Landec fell as much as 8 percent to $5.85 on Monday in extended trading after closing at $6.34 on Nasdaq. They have remained almost flat since the start of cold weather in November. (Reporting by Thyagaraju Adinarayan in Bangalore; Editing by Don Sebastian)

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