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Perrigo Posts Q3 Profit; Lifts 2019 Adj. Profit View

Perrigo Company plc (PRGO) reported that its third-quarter net income was $92 million or $0.67 per share, compared to a loss of $68 million or $0.49 per share in the prior period.

Excluding certain charges, third quarter 2019 adjusted net income was $142 million, or $1.04 per share versus $150 million or $1.09 per share, for the same period last year. The adjusted earnings per share was lower due primarily to a one- time tax-depreciation benefit in the prior year of $0.05 per diluted share. Analysts polled by Thomson Reuters expected the company to report earnings of $0.93 per share. Analysts' estimates typically exclude special items.

Net sales increased 5.1% to $1.2 billion from last year. Adjusted net sales increased 10.2% compared to last year, when exited businesses are excluded from the prior year comparison and currency rates are kept constant. This increase was driven by the addition of Ranir, new product sales of $52 million and increased demand for existing products. Discontinued products were $9 million. Analysts expected revenue of $1.20 billion for the quarter.

The company expects 2019 earnings to be in the range of $2.01 - $2.21 per share. The company raised its 2019 adjusted earnings per share guidance to $3.85 - $4.05 from the prior estimation of $3.75 - $4.05 per share. Analysts expect annual earnings of $3.93 per share.

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