Akorn Q1 Profit Down, But Meets View; Revises FY14 Guidance

(RTTNews) - Pharmaceutical company Akorn, Inc. (AKRX) Tuesday posted first-quarter net income of $9.8 million or $0.08 per share compared with $10.8 million or $0.10 per share in the prior-year quarter.

On an adjusted basis, the company's earnings were $18.3 million or $ 0.16 per share. On average,7 analysts polled by Thomson Reuters expected earnings per share of $0.15 for the quarter. Analysts' estimates typically exclude one-time items.

First-quarter revenues rose to $90.6 million from from last year's $73.8 million. Analysts estimated revenues of $91.44 million for the quarter. Further, the firm updated its full-year guidance for 2014. Currently, the company expects earnings per share in the range of $0.43 - $0.45 versus the previous range of $0.45 to $0.48. Adjusted earnings per share for the full year is estimated now to be in the order of $0.79 - 0.82 versus the previous order of $0.76 to $0.79. The firm now projects annual revenues between $540 million and $560 million. Analysts expect full-year earnings of $0.83 per share on revenues of $564.47 million.