Watson Pharmaceuticals Inc. (WPI) Thursday released the financial results for the third quarter ended 30 September 2012, reporting net income, on GAAP basis, for the quarter of $76.7 million or $0.60 per share, higher than net income of $68.1 million or $0.54 per share reported for the corresponding quarter last year.
Non-GAAP net income for the third quarter increased 24.2 percent to $172.4 million or $1.35 per share, from $138.7 million or $1.09 per share reported in the same period last year.
On average, 22 analysts polled by Thomson Reuters expected earnings per share of $1.28 for the quarter. Analysts' estimates typically exclude one-time items.
Net revenues for the third quarter were $1.28 billion, higher than revenues of $1.08 billion reported in the earlier year quarter. Analysts estimated revenues of $1.27 billion for the quarter.
For 2012, Watson estimates adjusted earnings between $5.85 and $5.95 per share, on total net revenue of around $5.90 billion. Analysts project full-year earnings of $5.80 per share and revenue of $5.54 billion.
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