Pharmaceutical services provider Omnicare Inc. (OCR), Wednesday said its profit for the second quarter dropped from a year ago, hurt by loss from discontinued operations that offset a 7 percent growth in revenues. Moving ahead, the company maintained its financial outlook for the year.
Cincinnati, Ohio-based Omnicare's second-quarter profit dropped to $21.97 million or $0.21 per share from $52.22 million or $0.48 per share a year ago.
Income from continuing operations rose to $61.25 million or $0.58 per share from $47.30 million or $0.43 per share last year. Adjusted cash earnings for the quarter rose to $0.91 per share from $0.85 per share a year ago.
On average, nine analysts polled by Thomson Reuters expected earnings of $0.90 per share for the quarter. Analysts' estimates typically exclude special items.
Omnicare said its sales for the second quarter grew 7.1 percent to $1.61 billion from $1.50 billion last year. Sales at its core Long-Term Care business rose 2.7 percent to $1.19 billion, while Specialty Care group jumped 22 percent to $420 million.
Wall Street analysts had a consensus revenue estimate of $1.59 billion for the quarter.
Moving ahead, the company continues to expect adjusted cash earnings of $3.64 to $3.72 per share and revenues of $6.3 billion to $6.4 billion for full year 2014.
Analysts currently expect full-year earnings of $3.69 per share on revenues of $6.37 billion.
Meanwhile, the company lifted its guidance for cash flows from operations to a range of $500 million to $550 million, from its prior outlook of $475 million to $550 million.
OCR is currently trading at $63.01, down $2.02 or 3.11%, on the NYSE.
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