S&P 500 (NYSE:SPY) component Mylan Inc. (NASDAQ:MYL) reported its results for the first quarter. Mylan is a global pharmaceutical company that develops, licenses, manufactures, markets, and distributes pharmaceuticals and active pharmaceutical ingredients.
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Mylan Earnings Cheat Sheet for the First Quarter
Results: Net income for the medicine-generic drugs rose to $129.1 million (30 cents per share) vs. $104.2 million (23 cents per share) in the same quarter a year earlier. This marks a rise of 23.9% from the year-earlier quarter.
Revenue: Rose 9.9% to $1.59 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Mylan Inc. reported adjusted net income of 52 cents per share. By that measure, the company beat the mean estimate of 51 cents per share. Analysts were expecting revenue of $1.58 billion.
Quoting Management: Mylan’s Chief Executive Officer, Heather Bresch said: “Our diverse global platform has once again delivered strong results, representing a great start to 2012. Double-digit growth in our North American, Asia Pacific and Specialty businesses allowed us to deliver robust financial results despite continued macroeconomic headwinds in certain regions, specifically Europe and Australia.”
The company has now seen its net income rise for three quarters in a row. In the fourth quarter of the last fiscal year, net income rose more than sixfold and in the third quarter of the last fiscal year, the figure rose 9.4%.
The company has now surpassed analyst estimates for four quarters in a row. It beat the mark by 3 cents in the fourth quarter of the last fiscal year, by 4 cents in the third quarter of the last fiscal year, and by 7 cents in the second quarter of the last fiscal year.
Revenue has risen the past four quarters. Revenue increased 6.7% to $1.53 billion in the fourth quarter of the last fiscal year. The figure rose 16.3% in the third quarter of the last fiscal year from the year earlier and climbed 15% in the second quarter of the last fiscal year from the year-ago quarter.
Looking Forward: Over the past ninety days, the average estimate for the second quarter has fallen from 59 cents per share to 57 cents, indicating that analysts are growing pessisimistic about the company’s performance next quarter. Over the past three months, the average estimate for the fiscal year has climbed from $2.40 per to share to $2.42.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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