Neogen Swung to Net Loss in 1Q

Dow Jones10-10

By Don Nico Forbes

Neogen swung to a net loss in the first quarter driven by lower sales in the Food Safety and Animal Safety segments.

The food-safety and animal-safety products company reported on Thursday a net loss of $12.6 million, or 6 cents a share, for the quarter ended Aug. 31, compared with a profit of $1.5 million, or 1 cent a share, in the prior-year period.

On an adjusted basis, earnings were 7 cents a share, compared with analyst views of 9 cents a share, according to FactSet.

Revenue came in at $217 million, down from $229 million, but beating analyst expectations of $215 million. Sales in the Food Safety segment were $159.3 million, down 4.2%, with those in the Animal Safety segment down 8.1% at $57.6 million.

Neogen backed its full-year guidance, with revenue expected to be in the range of $925 million to $955 million.

Write to Don Nico Forbes at don.forbes@wsj.com

(END) Dow Jones Newswires

October 10, 2024 07:21 ET (11:21 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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