Perrigo Q3 Results Miss Estimates; Cuts FY14 Earnings View - Quick Facts

(RTTNews) - Perrigo Co. (PRGO), a manufacturer of over-the-counter and prescription pharmaceuticals, reported Wednesday that its third-quarter net income plunged 57 percent to $48.1 million from last year's $111.9 million. Earnings per share dropped 70 percent to $0.36 from $1.18 a year ago. The results included amortization expense and restructuring charges.

Adjusted net income, which excluded items, climbed 31 percent to $176.2 million from last year's $134 million, while adjusted earnings per share dropped 8 percent to $1.31 from $1.42 last year.

On average, 15 analysts polled by Thomson Reuters expected the company to report earnings of $1.51 per share for the quarter. Analysts' estimates typically exclude special items.

Third-quarter net sales increased 9 percent to $1.004 billion from $919.8 million in the prior year. Analysts estimated revenues of $1.07 billion for the quarter.

Citing the weak retail season and the relatively weak cough, cold and flu season, the company now expects full-year fiscal 2014 adjusted earnings range of $6.15 to $6.30 per share and reported earnings of between $1.76 and $1.91 per share.

The company previously expected adjusted earnings in a range of $6.45 to $6.70 per share.

Analysts now expect earnings of $6.61 per share for the year.

In pre-market activity, the stock is down $7.99 or 5.59 percent, and trading at $135.