Forest Labs Q3 Profit Beats View; Lifts FY14 Forecast - Quick Facts

(RTTNews) - Drug maker Forest Laboratories, Inc. (FRX) reported Tuesday a profit in its third quarter, compared to a loss last year. Adjusted earnings topped analysts' estimates. The company also lifted its fiscal 2014 forecast for adjusted earnings, above analysts' estimates.

For the quarter, net income was $17.96 million or $0.07 per share, compared to a loss of $153.61 million or $0.58 per share a year ago.

The latest quarter results included $28.2 million charge related to Project Rejuvenate. Adjusted earnings, which excluded items, were $73.97 million or $0.27 per share, compared to loss of $57.14 million or $0.21 per share last year.

On average, 19 analysts polled by Thomson Reuters expected earnings of $0.04 per share. Analysts' estimates typically exclude special items.

Net sales for the quarter increased 24.9 percent to $846.8 million from $678.0 million in the prior year, driven by sales of next generation products which increased 59.4 percent. Analysts expected sales of $827.25 million.

For the fiscal year ending March 31, 2014, the company now expects adjusted earnings per share to be in the range of $1.25 to $1.35, higher than previous forecast of $0.95 to $1.15 per share. Analysts project annual earnings of $1.10 per share.