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Cambrex Q1 Profit From Cont. Opns Rises

Cambrex Corp. (CBM) reported that its income from continuing operations for the first quarter ended March 31, 2018 rose to $24.2 million or $0.72 per share from $21.1 million or $0.63 per share in the same quarter last year. Excluding the impact of adopting ASC 606, EPS from continuing operations was $0.32 per share.

Adjusted income from continuing operations was $12.5 million or $0.37 per share, compared to $20.0 million or $0.60 per share in the same quarter last year.

Net revenue was $141.1 million, an increase of $36.1 million, or 34%, compared to the first quarter of 2017. Excluding a 3% favorable impact of foreign exchange compared to the first quarter of 2017, net revenue increased 31%. The increase primarily reflected higher volumes and the adoption of ASC 606, which accelerated revenue recognition for a portion of Cambrex's portfolio, enabling revenues for certain products to be recognized over time, rather than upon delivery to the customer. Cambrex elected the modified retrospective method which did not require prior periods to be restated. Excluding the impact of adopting ASC 606, net revenue decreased 1%.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.42 per share and revenues of $91.99 million. Analysts' estimates typically exclude special items.

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