Neogen Q2 Profit Rises, But Misses View; Revenues Beat - Quick Facts

(RTTNews) - Neogen Corp. (NEOG) reported a 16 percent increase in profit for the second quarter from last year on double-digit revenue growth, partly offset by lower margins and the adverse impact of currency. However, earnings per share for the quarter missed analysts' expectations, while revenues beat their estimates.

Second-quarter net income attributable to the company increased to $9.07 million or $0.24 per share, from $7.81 million or $0.21 per share in the year-ago period.

On average, seven analysts polled by Thomson Reuters expected the company to report profit per share of $0.26 for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter grew 16 percent to $79.61 million from $68.46 million in the year-ago period, partly due to recent acquisitions completed by the company. Analysts had a consensus revenue estimate of $76.80 million for the quarter.

James Herbert, Neogen's chief executive officer and chairman said, "We are pleased to report that broad-based increases in the second quarter, throughout Neogen's varied market segments, led us to reach our often stated goal of producing double-digit organic growth for the quarter. We recorded these organic increases in revenues in many of our product lines, including animal genomics, pharmaceuticals, biosecurity products, and food safety diagnostics."