Neogen Sinks 16% In Pre-market On Lowered Annual Outlook

(RTTNews) - Shares of Neogen Corporation (NEOG) were down more than 16 percent in pre-market on Tuesday to $12.00, after the food safety company cut its full-year outlook citing softer-than-expected recovery of order fulfillment rates.

Neogen now expects revenue in the range of $910 million - $920 million for the full year, down from the prior outlook of $935 million - $955 million.

Adjusted EBITDA, or earnings before interest, taxes, depreciation, and amortization for the full year is expected to be between $210 million and $215 million. Previously, it was expected in the range of $230 million to $240 million.

For the third quarter, the company posted a loss of $2.0 million, or $0.01 per share, compared with profit of $8.2 million, or $0.04 per share, in the prior-year period.

Excluding special items, the company had a profit of $26.4 million, or $0.12 per share, slightly down from $26.5 million, or $0.12 per share, las year,

Revenue for the quarter, however, increased 4.8 percent year-over-year to $228.8 million.

Neogen shares had closed at $14.38, up 0.21 percent on Monday. The stock has been trading in the range of $13.95 - $24.10 in the last 1 year.