Teva Pharmaceutical Industries Ltd. (TEVA) reported that its third-quarter 2014 GAAP net income attributable to the company were $876 million and $1.02 per share, up from $711 million and $0.84 per share in the third quarter of 2013.
Non-GAAP net income and non-GAAP earnings per share were $1.1 billion and $1.32, respectively, in the third quarter of 2014, an increase of 6% and 4%, respectively, compared to the third quarter of 2013. Analysts polled by Thomson Reuters expected the company to report earnings of $1.23 per share for the quarter. Analysts' estimates typically exclude special items.
Net revenues for the quarter were $5.058 billion, compared to $5.059 billion last year. Wall Street expected revenues of $5.09 billion.
The Board of Directors declared a cash dividend for the third quarter of 2014 of NIS 1.21 per share or approximately 32.1 cents according to the rate of exchange on October 28, 2014. The record date will be November 17, 2014, and the payment date will be December 2, 2014. Tax will be withheld at a rate of 15%.
The company announced that, as authorized by the Board of Directors, it will increase its share repurchase program by $1.7 billion to $3 billion. The program has no time limitations.
For 2014, the company now expects non-GAAP earnings per share to be in the range of $5.00-$5.10 compared to prior estimate of $4.90-5.10 per share.
The company now projects net revenues to be between $20.0 billion- $20.3 billion for fiscal 2014.
Wall Street currently is looking for fiscal year 2014 earnings of $4.95 per share on annual revenues of $20.42 billion.
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