Akorn Q2 Profit Declines, Adj. Earnings Top Estimates; Lifts FY Outlook

(RTTNews) - Pharmaceutical company Akorn, Inc. (AKRX) Tuesday reported second-quarter net income of $8.51 million or $0.07 per share, down from $12.64 million or $0.11 per share in the prior year.

Adjusted earnings were $0.25, while the company posted $0.14 per share last year.

On average, nine analysts polled by Thomson Reuters expected the company to earn $0.20 per share for the quarter. Analysts' estimates typically exclude special items.

Preliminary revenues for the quarter climbed 96% to $150.75 million from $77.01 million a year ago. Analysts estimated revenues of $145.16 million for the quarter.

For the recent quarter, the firm recorded acquisition-related costs totaling $20.77 million.

For full year 2014, the company now expects earnings per share to be in the range of $1.00 - $1.05, up from the prior outlook of $0.79 - $0.82 per share.

Revenues are expected to be between $580 million and $600 million, up from $540 million and $560 million projected earlier.

Analysts are looking for earnings of $0.85 per share, on revenues of $576.50 million for the year.