Neogen Q2 Results Top Estimates, But Trims FY25 Revenues Outlook

(RTTNews) - Neogen Corp. (NEOG) reported on Friday a net loss for the second quarter that sharply widened to $456.28 million or $2.10 per share from $3.49 million or $0.02 per share in the prior-year quarter, hurt by a non-cash goodwill impairment charge related primarily to the acquisition of the former 3M Food Safety Division.

Excluding items, adjusted earnings were $0.11 per share, compared to $0.11 per share in the year-ago quarter.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.10 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenue for the quarter edged up 0.7 percent to $231.26 million from $229.63 million in the same quarter last year. Analysts expected revenues of $228.07 million for the quarter. Core revenue increased 3.5 percent.

Looking ahead to fiscal 2025, the company now projects revenues between $905 million and $925 million, down from the prior forecast between $925 million and $955 million. The Street is looking for revenues of $935.70 million for the quarter.

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