Actavis Posts Profit In Q1 - Quick Facts

(RTTNews) - Specialty pharmaceutical company Actavis Plc. (ACT) Wednesday reported first-quarter net income attributable to shareholders of $96.5 million or $0.55 per share, compared to a loss of $102.8 million or $0.79 per share in the prior year.

On a non-GAAP basis, earnings per share were $3.49, while the company posted $1.99 per share in the first quarter 2013.

On average, 15 analysts polled by Thomson Reuters expected the company to earn $3.24 per share for the quarter. Analysts' estimates typically exclude special items. Net revenues for the quarter climbed 40% to $2.66 billion from $1.90 billion a year ago. Analysts estimated revenues of $2.59 billion for the quarter.

First quarter 2014 results for Actavis included contribution from Warner Chilcott acquisition.

Looking ahead, the company expects second quarter non-GAAP earnings to be slightly lower than the first quarter of 2014.

Further, the company noted that as a result of the recently announced acquisition of Forest Laboratories, Inc., Actavis plans to provide an updated combined financial forecast for the year at or shortly following the close of the acquisition, which is anticipated to occur mid-year 2014.