Cambrex Q3 Profit Down

(RTTNews) - Cambrex Corp. (CBM), a manufacturer of small molecule innovator and generic Active Pharmaceutical Ingredients or APIs, reported that its net income for the third quarter ended September 30, 2016 declined to $9.22 million or $0.28 per share from $11.75 million or $0.36 per share in the prior year.

Income from continuing operations was $13.7 million or $0.42 per share compared to $11.9 million or $0.36 per share in the same quarter last year. Adjusted income from continuing operations was $15.6 million or $0.47 per share, compared to $13.1 million or $0.40 per share in the same quarter last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.41 per share. Analysts' estimates typically exclude special items

Sales were $99.9 million, compared to $92.4 million in the same period last year, an 8% increase. Foreign exchange had a negligible effect on sales. The sales increase primarily reflects higher volumes in our Innovator product category, partially offset by lower pricing and lower sales of generic APIs and controlled substances.Wall Street expected revenues of $96.07 million.