Neogen Q2 Loss Narrows, But Cuts Annual Outlook; Stock Down In Pre-market

(RTTNews) - Neogen Corp. (NEOG), a developer of food safety products and services, on Tuesday reported narrower loss for the second quarter. However, revenue edged down. The company also trimmed its outlook for the full year, citing possible slower pace of improvement in its primary end markets than expected earlier.

Quarterly loss narrowed to $3.5 million or $0.02 per share from a loss of $41.8 million or $0.19 per share in the prior year, driven by higher transaction fees and integration costs in the previous year, as well as benefits from product mix, with higher sales of higher margin products.

Excluding items, earnings were $24.9 million or $0.11 per share compared to earnings of $ 31.4 million or $0.15 per share.

Revenue slid slightly to $229.6 million from $230 of last year.

Looking forward to the full year, the company now expects Adjusted EBITDA in the range of $230 million to $240 million and revenue in the range of $935 million to $955 million.

Previously, the company had expected Adjusted EBITDA in the range of $235 million to $255 million and revenue between $955 million and $985 million.

In pre-market activity, Neogen shares are trading at $18.51, down 6.70% on the Nasdaq.