Akorn Earnings: Here’s Why Investors are Happy Now
Akorn Inc. (NASDAQ:AKRX) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down up 7.90%.
Akorn Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 16.67% to $0.14 in the quarter versus EPS of $0.12 in the year-earlier quarter.
Revenue: Rose 21.66% to $77 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Akorn Inc. reported adjusted EPS income of $0.14 per share. By that measure, the company beat the mean analyst estimate of $0.13. It beat the average revenue estimate of $75.06 million.
Quoting Management: Raj Rai, Chief Executive Officer, commented, “We are pleased with our second quarter results. The results reflect the actions we took to address the challenges that we were faced with around certain new product launches. In addition, we are making good progress on our strategic initiatives and expect another great year of performance and are reaffirming our adjusted diluted EPS 2013 guidance of $0.53 to $0.55.”
Key Stats (on next page)…
Revenue increased 4.27% from $73.85 million in the previous quarter. EPS increased 7.69% from $0.13 in the previous quarter.
Looking Forward: Analysts have a more negative outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has fallen from a profit of $0.15 to a profit $0.14. For the current year, the average estimate has moved down from a profit of $0.56 to a profit of $0.55 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)