Lannett: Fiscal 4Q Earnings Snapshot
PHILADELPHIA (AP) _ Lannett Co. (LCI) on Tuesday reported a fiscal fourth-quarter loss of $11.4 million, after reporting a profit in the same period a year earlier.
The Philadelphia-based company said it had a loss of 30 cents per share. Earnings, adjusted for one-time gains and costs, were 64 cents per share.
The results met Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was also for earnings of 64 cents per share.
The generic drug company posted revenue of $170.9 million in the period, which fell short of Street forecasts. Three analysts surveyed by Zacks expected $171.6 million.
For the year, the company reported net income of $28.7 million, or 75 cents per share, swinging to a profit in the period. Revenue was reported as $684.6 million.
Lannett expects full-year revenue in the range of $580 million to $610 million.
Lannett shares have dropped 76 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $5.55, a fall of 68 percent in the last 12 months.