Meridian Bioscience Q3 Profit Down 97%, Reiterates FY17 Outlook - Quick Facts

(RTTNews) - Meridian Bioscience Inc. (VIVO) reported a 97 plunge in profit for the third quarter from last year on slightly lower revenues and a goodwill impairment charge.

Adjusted earnings for the quarter missed analysts' expectations, while revenues beat their estimates. Looking ahead, the company reiterated its financial outlook for fiscal 2017.

The company's third-quarter net earnings were $240 million or $0.01 per share, down sharply from $8.75 billion or $0.21 per share in the year-ago period.

The latest quarter's results include a non-cash goodwill impairment charge of $6.6 million, on both a pre-tax and after-tax basis.

Excluding items, adjusted earnings for the quarter were $0.16 per share, compared to $0.21 per share last year. On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.17 per share. Analysts' estimates typically exclude special items.

Quarterly net revenues declined 1 percent to $50.14 million from $50.67 million a year ago. Wall Street expected revenues of $49.17 million.

The company declared a cash dividend of $0.125 per share for the third quarter. The dividend is payable on August 17, 2017 to shareholders of record as of the close of business on August 7, 2017.

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 $0.68 per share for the year on revenues of $197.53 million.