Perrigo Company (Nasdaq:PRGO; TASE:PRGO) beat the analysts' revenue and earnings per share consensus for the third fiscal quarter of 2011, and raised its full-year guidance.
Revenue rose 28.6% to $691.6 million for the third fiscal quarter from $537.6 million for the corresponding quarter of 2010. Revenue was 3.6% less than for the preceding quarter, but the winter quarter is Perrigo's strongest quarter, in part because its products include treatments for colds. The company beat the analysts' consensus of $687.9 million.
Perrigo attributed most of the growth to its acquisitions of infant formula maker PBM Holdings Inc. and Orion Laboratories Pty Ltd.
GAAP-based net profit rose to $91.5 million ($0.98 per share) for the third fiscal quarter from $66 million for the corresponding quarter. Non-GAAP net profit rose to $100.2 million ($1.07 per share) from $75.4 million. The company beat the analysts' consensus of $0.97 earnings per share).
Perrigo raised its full year earnings per share guidance to $3.90-4 from $3.75-3.90, or $364.8-374.2 million compared with a net profit of $262 million in fiscal 2010. A tax benefit in Israel will contribute $0.09 to the earnings per share.
Perrigo's share price has been breaking new records of late. The share price fell 3.7% at the opening on Nasdaq today to $86.69, giving a market cap of $8.31 billion, and fell 1.3% on the TASE to NIS 295.50. after rising earlier in day.
Published by Globes [online], Israel business news - www.globes-online.com - on May 3, 2011
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