Akorn Earnings: Here’s Why Shares are Up 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 up 4%.
Akorn Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 18.18% to $0.13 in the quarter versus EPS of $0.11 in the year-earlier quarter.
Revenue: Rose 67.72% to $71.5 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Akorn Inc. reported adjusted EPS income of $0.13 per share. By that measure, the company beat the mean analyst estimate of $0.12. It beat the average revenue estimate of $69.42 million.
Quoting Management: Raj Rai, Chief Executive Officer commented, “We achieved record growth in revenues and profits in 2012 as a result of our strategic growth initiatives – acquisitions, revival of products impacted by hospital drug shortages and new product launches. In addition, we continued to build a robust R&D pipeline. Looking ahead, we plan to further invest in R&D domestically, while expanding the infrastructure in our India facilities to build new capacities, seek growth from new markets and prepare for FDA inspection.”
Key Stats (on next page)…