Meridian Bioscience Q4 Adj. Profit Matches View, Revenues Beat Estimates

(RTTNews) - Meridian Bioscience Inc. (VIVO) reported a 4 percent increase in profit for the fourth quarter from last year on higher revenues.

Adjusted earnings for the quarter matched analysts' expectations, while revenues beat their estimates. Looking ahead, the company reiterated its financial outlook for fiscal 2018.

The company's fourth-quarter net earnings were $5.73 million, up from $5.49 million in the year-ago period. However, earnings per share were flat with the year-ago period at $0.13.

The latest quarter's results include the effect of CEO transition and IP defense costs, while the year-ago period's results include the effect of costs associated with reorganizing sales and marketing leadership.

Excluding items, adjusted earnings for the quarter were $0.15 per share, compared to $0.14 per share last year. On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.15 per share. Analysts' estimates typically exclude special items.

Quarterly net revenues rose 6 percent to $49.70 million from $47.00 million a year ago. Wall Street expected revenues of $48.05 million.

The company declared a cash dividend of $0.125 per share for the fourth quarter. The dividend is payable on November 30, 2017 to shareholders of record as of the close of business on November 20, 2017.

Looking ahead to fiscal 2018, the company reaffirmed its outlook for reported earnings between $0.59 and $0.62 per share, adjusted earnings of $0.65 to $0.68 per share, and net revenues of $207 million to $212 million. The Street expects earnings of $0.69 per share for the year on revenues of $204.56 million.

In addition, the company's board of directors has approved the indicated regular quarterly cash dividend rate of $0.125 per share for fiscal 2018, an annual indicated dividend rate of $0.50 per share.