Animal Health International, Inc. (AHII), a distributor of animal health products, announced Thursday a drop in its second-quarter earnings that reflected lower spending by production animal customers. The company also confirmed its previous outlook for 2009 full year.
Net income in second quarter slid to $2.3 million, or $0.09 per share, from $5.5 million, or $0.23 per share in the previous year. On an average, 3 analysts polled by Thomson Reuters expected the company to report earnings of $0.18 per share in the second quarter. Analysts' estimates typically exclude one-time items.
Net sales declined 9.2% to $184.5 million from $203.2 million in the same quarter last year. The reduction was linked to lower spending by production animal customers whose profits were constrained by fluctuating commodity prices and the general economic slowdown. Four analysts expected Animal Health to report revenue of $179.91 million in the second quarter.
The company's year-to-date net income fell to $2.6 million, or $0.10 per share, from $6.6 million, or $0.27 per share, for the 6-month period last year. Net sales declined 3.8% to $353.5 million from $367.6 million.
Excluding projections of future acquisitions, the company expects net income for fiscal 2009 to be in the range of $7.3 million to $9.3 million. Animal Health also confirmed its net sales outlook of $650 million to $680 million. Analysts anticipate the full year revenues to be $670.06 million.
AHII closed Wednesday at $1.43 on the Nasdaq.
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