Neogen Q1 Results Miss Estimates; Backs FY24 Outlook

(RTTNews) - Neogen Corp. (NEOG) reported on Tuesday that net income for the first quarter plunged to $1.50 million or $0.01 per share from to $5.21 million or $0.05 per share in the prior-year quarter.

Excluding items, adjusted earnings were $0.11 per share, compared to $0.16 per share in the year-ago quarter.

On average, analysts polled by Thomson Reuters expected earnings of $0.12 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenue for the quarter surged 73.0 percent to $228.99 million from $132.35 million in the same quarter last year. Analysts expected revenues of $231.10 million for the quarter.

Looking ahead to fiscal 2024, taking into account first-quarter results, as well as typical seasonality of revenue and the expectation of an improved end-market environment in the second half of the year, the company continues to anticipate revenue between $955 million and $985 million. The Street is looking for revenues of $968.41 million for the quarter.

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