Actavis Q3 Adj. Profit Beats Estimates - Quick Facts

(RTTNews) - Actavis plc (ACT) reported third-quarter net loss to ordinary shareholders of $1.0 billion or $3.95 per share, compared to net income of $65.6 million or $0.49 per share, a year ago.

Non-GAAP net income attributablle to ordinary shareholders rose to $853.0 million or $3.19 per share from $281.4 million or $2.09 per share in the comparable quarter last year. On average, 21analysts polled by Thomson Reuters expected the company to report profit per share of $3.10 for the quarter. Analysts' estimates typically exclude special items.

Net revenues for the latest third quarter were $3.68 billion, up 83% from $2.01 billion, a year ago, while 16 analysts expected revenue of $3.63 billion for the quarter.

For full year 2014, Actavis said it now expects non-GAAP earnings per share to be in the range of $13.51 and $13.61. Analysts expect the company to report 2014 earnings per share of $13.29.

Separately, Actavis announced that Chief Financial Officer or CFO, Todd Joyce will retire from Actavis in early 2015.

To ensure a smooth transition, the company said Joyce will continue as the Company's CFO until a successor is named. Actavis has engaged a leading executive search firm to identify a successor.