Perrigo Company plc (PRGO), a provider of Consumer Self-Care Products, on Wednesday reported a significantly weaker first-quarter performance, as large impairment and restructuring charges weighed heavily on profitability. Sales also declined in the quarter.
The company posted a net loss from continuing operations of $389.8 million or $2.81 per share, compared with a profit of $0.1 million or breakeven per share in the same period last year, primarily due to $330.8 million in impairment charges and higher restructuring costs of $75.1 million.
Excluding one-time items, earnings were $0.43 per share, down from $0.60 per share a year earlier.
Core adjusted EPS was $0.40, a 20% decrease from the prior year.
Operating income turned to a loss of $372.3 million, versus a profit of $46.9 million.
Net sales declined 7.2% to $969.2 million from $1.044 billion last year, mainly driven by lower consumption across both the U.S. and Europe.
Core net sales were $842 million, 8.3% down year over year, while Core organic net sales decreased 11%.
For the full year, the company expects net sales to decline 5.5% to 1.5%, and adjusted EPS in the range of $2.00 to $2.30.
Core organic net sales are projected to range from a decline of 3.5% to growth of 0.5%, while core adjusted EPS is expected to be between $2.25 and $2.55.
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