UPDATE 1-Landec Q2 profit rises, revenue misses Wall Street view

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Jan 3 (Reuters) - Landec Corp (LNDC.O) reported a rise in second-quarter profit, matching Wall Street view, helped by lower expenses, but revenue missed analysts' expectations, sending shares down 11 percent in late electronic trade.

The maker of temperature-activated and other specialty polymer products posted a profit of $3.1 million, or 12 cents a share, compared with $108,000, or breakeven, a year ago.

Revenue rose 7 percent to $59 million.

Analysts on average expected the company to earn 12 cents a share, on revenue of $61.3 million, according to Reuters Estimates.

Landec said the rise in earnings was helped by a $1 million increase in licensing gross profit mainly due to a license agreement with Monsanto Co (MON.N) and the elimination of $3.1 million of operating losses incurred by Landec Ag in the year-ago period.

Shares of the company were trading at $11.26 in late electronic trade, after closing at $12.62 Thursday on the Nasdaq. (Reporting by Supantha Mukherjee in Bangalore; Editing by Vinu Pilakkott)