On Friday drug company Perrigo (PGRO) said that it saw a 6% increase to its second quarter earnings on higher revenues, with adjusted net income and revenue beating Wall Street expectations.
The Allegan, Michigan-based company reported a fiscal second quarter net income of $105.95 million, or $1.12 per share, up from $99.74 million, or $1.06 per share, earned in the same quarter a year earlier. Adjusted earnings increased to $1.36 per share from $1.20. Analysts, according to Thomson Reuters, were expecting EPS to be $1.31.
The company’s net sales were up to $882.96 million from $838.17 million last year. This just beat the analyst estimate of $881.84 million in revenue for the quarter.
Also announced on Friday was that Perrigo signed a agreement to acquire leading pet health product company Velcera for $160 million in cash.
Looking ahead to fiscal 2013, the company is expecting EPS to be between $5.45 and $5.65 while analysts foresee EPS at $5.54.
Perrigo shares were up $4.99, or +4.96%, during pre-market trading on Friday. The stock is up +4.59% over the past year.
The Bottom Line
Shares of Perrigo (PRGO) have a dividend yield of 0.36% based on last night’s closing price of $100.51.
Perrigo Company (PRGO) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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