Actavis Q1 Adj. Earnings Up 23%

(RTTNews) - Actavis plc (ACT) Monday announced a first quarter net loss attributable to the shareholders of $512 million or $1.65 per share, compared to a profit of $96.5 million or $0.56 per share in the prior year. On an adjusted basis, the company reported 23 percent increase in earnings per share to $4.30 from $3.49 last year. Non-GAAP earnings, excluding Allergan and related finance was $.459 per share

On average 16 analysts polled by Thomson Reuters expected the company to earn $3.94 per share. Analysts figures usually exclude special items.

Net revenues for the quarter surged 59 percent to $4.234 billion from $2.655 billion a year ago. North American Brands revenue increased 192 percent to $1.74 billion, primarily driven by the revenues associated with the acquired Forest products and growth of Lo Loestrin Fe, Estrace Cream and Minastrin 24 Fe. Street expected $4.03 billion.

Looking ahead to full year 2015, the company expects earnings of $17.00 - $18.50 per share including Allergan. Reported revenue is expected to be $20.5 to $21 billion, while pro forma net revenues are expected to be $22 to $22 billion. Wall Street expects $17.70 per share on revenue of $21.47 billion.