Meridian Bioscience Q2 Results Beat View; Reiterates FY17 Outlook

(RTTNews) - Meridian Bioscience Inc. (VIVO) reported a 2 percent increase in profit for the second quarter from last year on higher revenues.

The results for the quarter beat analysts' expectations. In addition, the company reiterated its financial outlook for fiscal 2017.

The company's second quarter net earnings were $9.3 million or $0.22 per share, up from $9.09 million or $0.21 per share in the year-ago period.

Excluding the effect of acquisition-related costs, adjusted earnings for the quarter were $0.22 per share, compared to $0.24 per share last year. On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.19 per share. Analysts' estimates typically exclude special items.

Quarterly net revenues grew 6 percent to $54.13 million from $51.26 million a year ago. Wall Street expected revenues of $51.16 million.

The company declared a cash dividend of $0.125 per share for the second quarter.

Looking ahead to fiscal 2017, the company reaffirmed its outlook for earnings of $0.64 to $0.69 per share on net revenues of $193 million to $199 million. The Street expects earnings of $0.66 per shre for the year on revenues of $194.65 million.