Perrigo Cuts FY23 Adj. Earnings View Below Market; Stock Down In Premarket - Update

(RTTNews) - Perrigo Co. plc (PRGO), a provider of Consumer Self-Care Products, on Tuesday trimmed its fiscal 2023 adjusted earnings below market estimates, as well as sales growth forecast.

In pre-market activity on the NYSE, the shares were losing more than 9 percent to trade at $25.81.

For the full year, the company now expects adjusted earnings per share of $2.50 to $2.60, compared to the previous range of $2.50 to $2.70.

The company said it is maintaining the mid-to-lower end of its original 2023 earnings per share guidance range.

Analysts on average expect the company to report earnings of $2.63 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Perrigo now projects reported net sales growth from last year of 4 percent to 6 percent, compared to the previous range of 7 percent to 11 percent. Organic net sales growth is now expected to be 1 percent to 3 percent, compared to the prior range of 3 percent to 6 percent.

In its third quarter, Perrigo's net income from continuing operations was $15.4 million or $0.11 per share, compared to a net loss of $52.1 million, or $0.39 per share, in the prior year.

Adjusted net income was $87 million, or $0.64 per share, compared to $76 million, or $0.56 per share, in the prior year.

Analysts projected $0.61 per share for the quarter.

Net sales increased to $1.12 billion from $1.10 billion in the same period last year. The Street was looking for sales of $1.2 billion for the quarter.

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