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Perrigo Company Slips 13% As Earnings Miss Street View

Shares of consumer self-care products provider Perrigo Company plc (PRGO) are down more than 13% Wednesday morning following second quarter results.

The company reported net loss of $57.7 million, or $0.43 per share in the second quarter, compared with net income of $60.6 million, or $0.35 per share in the prior year period.

Excluding items, earnings of $0.50 per share missed the average estimate of analysts surveyed by Thomson Reuters at $0.62 per share.

Net sales for the quarter increased 3.4% year-over-year to $981 million. The consensus estimate was for $1.02 billion.

Looking forward to the full year, the company sees adjusted EPS in the range of $2.50 to $2.70. Analysts expect earnings of $2.59 per share for the period.

"We now expect adjusted EPS towards the lower end of our guidance range as productivity improvements and Project Momentum cost savings are only expected to partially offset higher input costs, which we now see continuing into early next year. For the first time in a number of years, price increases will also play a role in mitigating inflationary headwinds," President and CEO, Murray S. Kessler said.

PRGO, currently at $42.32, has traded in the range of $38.20- $54.94 in the last one year.

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